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Credit Suisse shares:- Credit Suisse’s stock reached a record low level after Credit Suisse’s biggest shareholder said not to invest any more money in the bank. Trading in Credit Suisse shares was halted multiple times by the stock exchange operator on Wednesday as volumes surged and the stock plunged up to 26 per cent. Credit Suisse shares fell below 2 Swiss currency for the first time on Wednesday morning, as concerns over the banking sector pushed European stock markets into the deep red.
Credit Suisse Bank Falling
Credit Suisse shares: Shares of Switzerland’s Credit Suisse hit a record low on Wednesday morning after its largest shareholder said it could not inject more money to support the bank. This information has been given in the media report. Trading in Credit Suisse shares was halted multiple times by the stock exchange operator on Wednesday as volumes surged and the stock plunged up to 26 per cent. Credit Suisse shares fell below 2 Swiss currency for the first time on Wednesday morning, as concerns over the banking sector pushed European stock markets into the deep red.
Why are Credit Suisse shares falling?
Ammar Al Khudairi, president of the Saudi National Bank, said this morning that his bank would not be able to inject more funds into Credit Suisse if there was another call for additional liquidity. The Saudi National Bank is currently the largest investor in Credit Suisse with 9.9 per cent shares, having participated in its capital raising last year.
On Tuesday, Credit Suisse published its annual report for 2022, which showed it had identified ‘material weaknesses’ in its internal controls over financial reporting. Last month, Credit Suisse reported its biggest annual loss since the 2008 global financial crisis, when customers pulled billions from the bank.
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FTSE at record low
The Guardian reported that Britain’s FTSE 100 stock index fell to its lowest level since last December, as a fall in Credit Suisse shares undermined confidence in the city. The FTSE 100 fell 193 points, or 2.5 percent, to 7,443, meaning it has lost all of its gains for 2023 (it hit a record high of over 8,000 points last month).
European banking shares are under fresh pressure on Wednesday, with Swiss bank UBS down 6.2 percent, Germany’s Deutsche Bank down 6.4 percent and France’s Societe Generale down 9.5 percent. Barclays declined 6.5 per cent in London, while Standard Chartered declined 5.5 per cent and NatWest 4.4 per cent.
European bank stocks fell
Europe’s bank index has now seen more than 120 billion euros evaporate ($127.08 billion) in since 8 March. The index was last down 6.4 per cent at 1154 GMT. This dragged lower European shares 2.4 per cent. It is the index’s biggest week-on-week loss since Russia’s invasion of Ukraine last February.
Markets are “spooked” by Credit Suisse headlines, said Richard McGuire, head of rates strategy at Rabobank in London.
Trading halted
Trading in Credit Suisse’s plummeting shares was halted several times by the stock exchange operator as volumes soared and the stock plummeted. The stock recovered slightly by around midday London time and were last down 20.2 per cent for the session.
“The Credit Suisse share price is falling and government bonds are rallying on the back of that. Still very much driven by the perceived health of the banking sector, but this time in Europe,” said Antoine Bouvet, senior rates strategist at ING.
Credit Suisse is in the midst of a complex three-year restructuring in a bid to return the bank to profitability. It was hard hit by the recent wave of bearishness triggered by Silicon Valley Bank’s demise, with its five-year CDS spreads hitting a record. Investors are increasingly worried about the health of banks following the collapse of Silicon Valley Bank.