Estimated reading time: 2 minutes
European banks faced dramatic declines, which spread to the US, causing regional banks to plummet. However, technology stocks managed to avoid the downturn. Asian-Pacific markets also experienced steep drops but recovered after Credit Suisse’s announcement. Credit Suisse and other European banks showed a surge in the risk of default indicators.
- Credit Suisse is borrowing up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to shore up its liquidity, following a loan offered by the country’s central bank.
- Credit Suisse’s shares fell 24.24% after Saudi National Bank, its largest investor, said it couldn’t provide the Swiss bank with further financial assistance due to regulations.
- The banking crisis sparked by Silicon Valley Bank’s collapse was not contained, as feared, and investor confidence was shaken.
- Saudi National Bank’s Chairman, Ammar Al Khudairy, believes that the banking turmoil is isolated, and the panic is unwarranted.
- After European banks’ dramatic declines on Wednesday, U.S. banking sectors were also affected, with regional banks experiencing a decline, and large banks like JPMorgan Chase, Citigroup, and Goldman Sachs also taking a hit.
- Technology stocks, such as Netflix and Alphabet, managed to avoid the banking downturn, and the Nasdaq Composite posted a small gain of 0.05%.
- Asian-Pacific markets were battered on Thursday, with banks in South Korea and Australia experiencing steep drops before regaining ground after Credit Suisse’s announcement.
- Credit Suisse and other European banks are showing a surge in the risk of default indicators, with Credit Suisse’s reading reaching levels seen only during the 2008 financial meltdown.
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