Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion.
"You get the picture: investors were panicking. Bloodbath, if you will," said Fawad Razaqzada, market analyst at City Index and FOREX.com.Shares of Credit Suisse, Switzerland's second biggest bank, crashed by 30 percent to hit a record low. "The financial sector in Europe is under significant turmoil today as a result of SVB's fallout," noted Naeem Aslam, chief investment officer at Zaye Capital Markets.
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Credit Suisse CEO urges patience amid financial sector sell-offUlrich Koerner says restructuring will take time as the collapse of Silicon Valley Bank throws markets into disarray
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