CNBC Daily Open: Credit Suisse brings the banking crisis to Europe
Publishing timestamp: 2023-03-16 06:20:48
Summary
The banking crisis that began with Silicon Valley Bank's collapse has spread to Europe, with Credit Suisse borrowing up to $53.68 billion from the Swiss National Bank to shore up its liquidity. The crisis has also affected US banks, with regional banks and large banks experiencing declines in their shares. The situation could lead to a slowdown in lending and capital investment, potentially causing a recession. The Federal Reserve may hold the line at its next meeting due to the renewed volatility in the banking sector and drop in wholesale prices and retail sales.
Sentiment: NEGATIVE
Tickers: BNP-FR, JPM, .BBKA, GS, CSG.N-CH, GLE-FR, PACW, C, FRC,
Keywords: bnp paribas sa, banks, deutsche bank ag, goldman sachs group inc, business news, markets, interest rates, pacwest bancorp, credit suisse group ag, world markets, citigroup inc, economic events, jpmorgan chase & co, first republic bank, societe generale sa,
Source: https://www.cnbc.com/2023/03/16/stock-markets-credit-suisse-brings-the-banking-crisis-to-europe.html