Insights

After US banks fail, contagion heads to European banks – banks halted on exchange

exchange68September 13, 2024

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Quick Take

Credit Suisse share price hits a record low — $1.96, a pre-market low of over 20%.
The problem for Credit Suisse is that it cannot cover deposit flights and borrow money in the markets.
According to Bloomberg: This comes after Credit Suisse top shareholder rules out providing more financial assistance to the struggling bank.
In addition, Credit Suisse identified “material weaknesses” in its reporting and controls procedure.
Customer outflows for the fourth quarter amounted to over 110 billion Swiss Francs.
Trading halted for French banking group BNP Paribas after the stock plunged 8%
FTSE 100 is down over 2%

Credit Suisse share Price: (Source: Yahoo)

BNP Paribas Share Price: (Source: Google)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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