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Banking fears spread across global markets
May 09, 2023
The US’ Dow opened the day with a decline of more than 600 points Wednesday as banking fears spread across global markets, reports said.
The S&P and Nasdaq slipped roughly 2 per cent and 1.5 per cent, respectively, CNN reported.
Shares of embattled Swiss lender Credit Suisse were down by more than 20 per cent after its biggest shareholder chose not to increase funding. That comes after the bank cited “material weakness” in its financial reporting Tuesday and got rid of executive bonuses, CNN reported.
Shares of US banks also fell: Wells Fargo was down 4.9 per cent and JPMorgan Chase stock dropped 3.6 per cent.
Wall Street continues to grapple with banking tumult domestically, after the collapse of Silicon Valley Bank and Signature Bank rocked markets last week and early this week. While stocks recouped some of their losses on Tuesday, investors remain wary of the banking fallout and what it means for the Federal Reserve’s interest rate-hiking campaign going forward and the overall stability of the financial sector.
Wall Street continues to grapple with banking tumult domestically, after the collapse of Silicon Valley Bank and Signature Bank rocked markets last week and early this week. While stocks recouped some of their losses on Tuesday, investors remain wary of the banking fallout and what it means for the Federal Reserve’s interest rate-hiking campaign going forward and the overall stability of the financial sector.
Just as the panic over the US banking system appeared to fade, a fresh burst of anxiety blew in from Europe, CNN reported.
Credit Suisse shares crashed more than 20 per cent in Zurich, dragging down European bank stocks along with it. US stock futures fell Wednesday morning after rallying strongly on Tuesday.
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