World banks burn $500 billion worth of money, in what is the biggest setback for the financial sector since the start of the Covid pandemic. The Financial Times does the math, underlining that banks in Europe, Japan and the United States have lost a total of 459 billion dollars in the market since the beginning of March.
The European Stock Exchanges closed sharply down, in line with the negative performance of Wall Street. Investors fear the risk of contagion for the banking system after the events of Credit Suisse and US regional lenders. Government bond yields also fell sharply. Down Milan (1.64%), Paris (-1.43%), Frankfurt (-1.33), London (-1.01%).
Why Credit Suisse is in trouble
First Republic sinks on Wall Street and closes down 33%. The bank archives the week losing 72%.
Wall Street closes down. The Dow Jones loses 1.20% to 31,858.95 points, the Nasdaq drops 0.74% to 11,630.52 points while the S&P 500 drops 1.10% to 3,916.64 points.
ANSA agency
Lagarde, ‘European banks solid, but ready to intervene’ (ANSA)
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