The European stock exchanges widened the decline, in the wake of Wall Street with fears of contagion risk for the banking system after the events of Credit Suisse and the American regional credit institutions. Government bond yields are down sharply. The spread between Btp and Bund continues at 192 points with the Italian ten-year rate at 4.03% (-14 basis points). The stoxx 600 fell by 1.4%. Milan and Madrid slip (-2%). Paris (-1.8%), Frankfurt (-1.6%) and London (-1.2%) are also bad. The main lists are weighed down by banks (-3.2%) with Banco Santander (-4.4%), Commerzbank (-4.1%) and Bnp Paribas (-3.5%).
Why Credit Suisse is in trouble
First Republic sinks on Wall Street. At the start of trading, it lost 20%, continuing the decline triggered by the failure of Silicon Valley Bank. First Republic declines despite aid for 30 billion dollars granted by the 11 largest American banks in an attempt to defuse panic on the market.
Wall Street gets worse. The Dow Jones loses 1.18% to 31,866.31 points, the Nasdaq drops 0.64% to 11,643.68 points while the S&P 500 drops 1.06% to 3,918.63 points.
Lagarde, ‘European banks solid, but ready to intervene’ (ANSA)
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