U.S. stock futures are plunging on Wednesday morning, with Credit Suisse shares dropping more than 20%.
Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance. Broader equity markets fell sharply, reversing earlier gains, as Credit Suisse's drop by as much as 24% re-ignited some of the jitters among investors about the resilience of the global banking system after the collapse of Silicon Valley Bank.The Credit Suisse logo
The bank index is set to lose more than 120 billion euros in market value since the close of March 8.Spain and Italy's lender-heavy indexes fell almost 4% each.
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Credit Suisse Stock Plunges To Record Low As Bank Concerns GrowTrading in Credit Suisse shares was halted as they fell by as much as 21% in Zurich on Wednesday. CSS is strong enough than SVB.
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Credit Suisse says outflows have stabilized but not reversedCredit Suisse said customer 'outflows stabilized to much lower levels but had not yet reversed as of the date of this report' in its 2022 annual report published on Tuesday. This means it hasn’t This bank is done. Market should insta exit this AM. Not just the banking sector.
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