Credit Suisse shares hit new all-time low as banks hit by US fallout
Business
Europe’s STOXX banking index was down 4.2%.
ZURICH (Web Desk) - Credit Suisse shares hit a new all-time low in early trading on Friday as the European banking sector suffered the fallout from a sharp sell-off in US financial stocks.
The embattled bank’s stock fell to 2.463 Swiss francs on the Swiss Market Index amid the sell-off. Rival UBS was down 4.7% as European banking stocks headed for their largest one-day fall in nine months.
Europe’s STOXX banking index was down 4.2% and set for its biggest one-day slide since early June, with declines for most major names including HSBC down 4.5% and Deutsche Bank off 7.9%.
US lender SVB Financial Group scrambled on Thursday to reassure its venture capital clients their money was safe after a capital raising led to its stock collapsing 60% and contributed to wiping out over $80 billion in value from bank shares.
