Thousands of miles away from New York, a meltdown for Credit Suisse has been hitting global markets, days after Wall Street's own banking stress. U.S....
Thousands of miles away from U.S. shores early Wednesday, a headline began working its way across Europe, then Wall Street, sparking fresh panic as it dawned on investors they may be facing yet another banking crisis.
His comment sparked a sell off, spreading from European banks to U.S. stock index futures, leaving the Dow industrials DJIA down over 500 points early Wednesday. The selling appeared to mark the end of a brief respite for markets following days of stress in the U.S. banking sector, triggered by the collapse of Silvergate Bank, Silicon Valley Bank and Signature Bank, all within the space of a week.
The Stoxx Europe 600 banking sector SX7P tumbled 7%, with the heaviest regional losses focused on Switzerland, then bank-heavy countries of Spain and Italy. Among U.S.-listed banking shares, Credit Suisse stock CS echoed the Zurich losses, while Deutsche Bank DB fell nearly 10% and Banco Santander SAN fell 9%.
Marenzi said Switzerland’s “reputation for financial stability and a safe haven for assets, so crucial for the country’s success in wealth and asset management, is already suffering incalculable damage,” he said. Over there? Stephen Innes, managing partner at SPI Asset Management, told MarketWatch, that U.S. investors need to be watching the situation carefully.
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