Bank shares fell sharply in European stock markets. Shares of ING and ABN AMRO fell nearly 10 percent. The AEX index closed down almost 3 percent.
The trigger of the unrest among investors today was the problems at Swiss bank Credit Suisse. Credit Suisse shares fell sharply over 24 percent.
Finances fell sharply yesterday as Silicon Valley Bank went bankrupt.
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Credit Suisse has been having problems for a while. Among other things, the bank is struggling with investments that cause losses. Today, the main lender, the National Bank of Saudi Arabia, said it could no longer help financially.
According to the Financial Times, the Swiss bank applied to the Swiss central bank for “public support”. They want to rely on the stability of Credit Suisse. The application was also made to Finma, which has the same role as the Dutch Financial Markets Authority (AFM). Both institutes have yet to speak.
Source: NOS
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
