Credit Suisse shares hit a record low for the fifth consecutive trading day.
It sparked a new sell-off in the European banks.
Credit
Suisse shares reached another record-low for a fifth trading session in a row,
after Saudi National Bank, the embattled bank's biggest investor, revealed it would
not be able to provide any further financial aid in the future, as stated in Reuters report.
Credit Suisse in Crisis
After Saudi National Bank Update
At the time
of writing, Credit Suisse shares on the Swiss SIX exchange are losing around
17% of their value and slipping to EUR 1.86. Earlier this week, Finance
Magnates reported that the bank was deepening historic lows in response to
uncertainty in the global banking sector following last week's collapse of Silicon Valley
Bank (SVB).
While the
valuations of most major institutions have begun to rebound after the initial panic
calmed down, Credit Suisse's deepening problems are preventing a bullish correction. Additionally, investors continue to assess the impact of Tuesday's announcement from the
bank that it has found "material weaknesses" in its financial
reporting over the past two years.
"We
cannot because we would go above 10%. It's a regulatory issue," Ammar Al
Khudairy, the Chairman of Saudi National Bank, told Reuters.
The Saudi
bank became a significant shareholder in Credit Suisse last year when it
purchased a 10% stake by participating in a capital raising round and pledged
to invest up to $1.5 billion in the institution's growth.
Apart from
the record low share prices, the rising cost of insuring the company's bonds
against default seems to be a much more significant issue. According to S&P
Global Market Intelligence data, the five-year credit default swaps widened
from 549 basis points at the last close to 533 basis points.
Credit Suisse Sparks New
Sell-Off in European and World Bank Stocks
The latest
news from Saudi National Bank has not only influenced Credit Suisse but has triggered a new wave of unrest in European and global financial markets. Thus,
the rebound from the initial shock caused by the SVB crisis proved short-lived.
The index
of European bank shares slid by 2.5%, and US stock futures gave up 1% of their
value. The depreciation of bank shares is visible on all major exchanges on the
Old Continent from Warsaw, Frankfurt and Paris to London.
Amidst
market volatility, investors gravitate towards safer investments,
resulting in a rise in bond yields and the dollar's value. The DXY dollar
index, which gauges the strength of the US currency against six major
currencies, rose by 0.8% to 104.5, achieving the largest single-day increase in
a week.
All signs
suggest that investors are afraid of the Credit Suisse crisis
worsening. While a collapse like that of the much smaller Silicon Valley Bank
(SVB) seems unlikely at this point, the persistent issues plaguing the Swiss
lender do not instill confidence.
Credit
Suisse shares reached another record-low for a fifth trading session in a row,
after Saudi National Bank, the embattled bank's biggest investor, revealed it would
not be able to provide any further financial aid in the future, as stated in Reuters report.
Credit Suisse in Crisis
After Saudi National Bank Update
At the time
of writing, Credit Suisse shares on the Swiss SIX exchange are losing around
17% of their value and slipping to EUR 1.86. Earlier this week, Finance
Magnates reported that the bank was deepening historic lows in response to
uncertainty in the global banking sector following last week's collapse of Silicon Valley
Bank (SVB).
While the
valuations of most major institutions have begun to rebound after the initial panic
calmed down, Credit Suisse's deepening problems are preventing a bullish correction. Additionally, investors continue to assess the impact of Tuesday's announcement from the
bank that it has found "material weaknesses" in its financial
reporting over the past two years.
"We
cannot because we would go above 10%. It's a regulatory issue," Ammar Al
Khudairy, the Chairman of Saudi National Bank, told Reuters.
The Saudi
bank became a significant shareholder in Credit Suisse last year when it
purchased a 10% stake by participating in a capital raising round and pledged
to invest up to $1.5 billion in the institution's growth.
Apart from
the record low share prices, the rising cost of insuring the company's bonds
against default seems to be a much more significant issue. According to S&P
Global Market Intelligence data, the five-year credit default swaps widened
from 549 basis points at the last close to 533 basis points.
Credit Suisse Sparks New
Sell-Off in European and World Bank Stocks
The latest
news from Saudi National Bank has not only influenced Credit Suisse but has triggered a new wave of unrest in European and global financial markets. Thus,
the rebound from the initial shock caused by the SVB crisis proved short-lived.
The index
of European bank shares slid by 2.5%, and US stock futures gave up 1% of their
value. The depreciation of bank shares is visible on all major exchanges on the
Old Continent from Warsaw, Frankfurt and Paris to London.
Amidst
market volatility, investors gravitate towards safer investments,
resulting in a rise in bond yields and the dollar's value. The DXY dollar
index, which gauges the strength of the US currency against six major
currencies, rose by 0.8% to 104.5, achieving the largest single-day increase in
a week.
All signs
suggest that investors are afraid of the Credit Suisse crisis
worsening. While a collapse like that of the much smaller Silicon Valley Bank
(SVB) seems unlikely at this point, the persistent issues plaguing the Swiss
lender do not instill confidence.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
BGC Group Secures Backing from Global Banks for New $600M Trading Platform
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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