European Banking Stocks Drop as SVB Fallout Continues
March 15 2023 - 7:10AM
Dow Jones News
By Adria Calatayud
European banking stocks fell again Wednesday as investors
continued to digest the implications for the sector from the
collapse of Silicon Valley Bank ahead of the European Central
Bank's meeting on Thursday.
At 1035 GMT, shares in Credit Suisse Group AG fell 21% to 1.77
Swiss francs ($1.94), having earlier fallen to a new intraday
record low of CHF1.73, after its largest shareholder, Saudi
National Bank, ruled out providing more liquidity, according to
Bloomberg.
Shares in BNP Paribas SA and Societe Generale SA were briefly
halted after dropping more than 8%. UBS Group AG, Deutsche Bank AG,
Banco Santander SA, Intesa Sanpaolo SpA, and Barclays PLC all
traded down 5% or more.
Analysts at Citigroup said in a research note the recent rally
in European equities set the stage for profit taking and that
European banks remained vulnerable to more weakness in the near
term.
The Stoxx Europe 600 Banks index fell 5.8%, taking its decline
over the last week to nearly 14%. Since the beginning of the year
through Tuesday's close, the Stoxx Europe 600 Banks index gained
10%.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 15, 2023 06:55 ET (10:55 GMT)
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