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Credit Suisse spreads the banking crisis to Europe

InternationalMar 16, 2023
Credit Suisse spreads the banking crisis to Europe
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The banking crisis that began with Silicon Valley Bank’s collapse looked contained, Credit Suisse destabilized the sector. Its shares tanked 24.24% after its largest investor, Saudi National Bank, said it couldn’t provide the Swiss bank with further financial assistance due to regulations- CNBC

Markets across Europe fell sharply — Stoxx 600 lost 2.92% — as banking stocks plunged 7%. BNP Paribas slid 10.11%, Societe Generale dropped 12.18% and Deutsche Bank fell 5.17%. Several bank stocks were even temporarily halted from trading during the day because of their steep losses.

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