Credit Suisse shares slump after emergency rescue over the weekend
of banking heavyweight Credit Suisse left the financial system facing widespread uncertainty.
Shocked European bank shares initially slumped over 5% as markets started trading. Credit Suisse’s own shares fell over 63%, those of its acquirer UBS dropped nearly 13%, while the broader European STOXX 600 fell 1.6% before staging a modest recovery. He said the European Central Bank, Bank of England and other central banks would be well aware “of the next gazelles in the chain that the lions will be hunting” - other large banks with investment banking arms such as Deutsche Bank, BNP in France or Barclays in the UK - and will step in with support if needed.
With investors seeking out tradition safe harbours Europe’s government bonds rallied as the stock markets buckled.
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