Credit Suisse ignites global market rout as banking fears return - BNN Bloomberg

📆 15-3-2023 21:22:00
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All it took was a few tough words from Credit Suisse Group AG’s biggest shareholder on Wednesday to spark a selloff that spread like wildfire across global markets.

Asked whether Saudi National Bank was open to further cash injections, Chairman Ammar Al Khudairy said “absolutely not.” It was a reminder about the precarious situation facing the Swiss bank just one day after its CEO, Ulrich Koerner, had sought to shore up investor confidence by pointing to signs of improvement in its business.

“Markets are very sensitive to the negative news flow after the surprise of seeing a U.S. bank disappear from one day to the other,” said Francois Lavier, head of financial debt strategies at Lazard Freres Gestion. “In a context where market sentiment is already weakened, not much is needed to weaken it even further.”

“There’s panic and traders scrambling for safety,” said Oliver Scharping, a portfolio manager at Bantleon. “Markets see a Credit Suisse collapse almost there, yet financials still look healthy.”

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