Market Sell-off: Credit Suisse Woes Reignite Banking Worries 3/15/23
Squawk on the Street
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Credit Suisse
The European banks index has fallen about 7% today and the bulk of the sell-off has come from credit Suisse shares plunging as much as 30% at one stage to a new record low. The heavy selling in credit Suisse came after top shareholders Saudi National Bank ruled out providing more financial assistance to the lender. All of this comes at the same time that the European Central Bank is meeting tomorrow and potentially going to take its foot off the gas when it comes to rate hikes which had been a tailwind for the sector.
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