CNBC Daily Open: Credit Suisse spreads the banking crisis to Europe
Publishing timestamp: 2023-03-15 19:23:57
Summary
The banking crisis that began with Silicon Valley Bank's collapse has spread to Europe, with Credit Suisse's shares tanking after its largest investor said it couldn't provide further financial assistance. The contagion has also affected US banking stocks, with regional banks and large banks both taking a hit. The combination of banking crises in the US and Europe could make money much harder to come by, leading to a slowdown in lending and a potential recession. The renewed volatility in the banking sector, along with drops in wholesale prices and retail sales, has increased the chance that the Federal Reserve might hold the line at its next meeting.
Sentiment: NEGATIVE
Tickers: JPM, CSG.N-CH, GS, FRC, .BBKA, GLE-FR, C, PACW, BNP-FR,
Keywords: citigroup inc, pacwest bancorp, business news, goldman sachs group inc, banks, deutsche bank ag, world markets, credit suisse group ag, first republic bank, jpmorgan chase & co, economic events, markets, societe generale sa, bnp paribas sa, interest rates,