European shares fall 3% as Credit Suisse shares plunge to record low

Bank of Ireland plummeted 8 per cent to €8.83, while AIB closed 4.8 per cent lower at €3.54 and Permanent TSB Group declined 3.1 per cent to €2.47.

UK banks resumed their brutal selloff after Tuesday’s brief respite, falling 5.6 per cent. Shares of HSBC, Europe’s largest lender slid 5 per cent, while Standard Chartered and Barclays dropped 7.7 per cent and 9.1 per cent, respectively. Meanwhile, the UK economy is set to avoid a technical recession in 2023, but it will still contract this year, chancellor of the exchequer Jeremy Hunt said as he unveiled his spring budget.The pan-European Stoxx 600 index closed the day 3 per cent lower, a day after recording its best day this year.

Retailers shed 4.4 per cent as the world’s biggest fashion retailer Zara-owner Inditex slumped 4.6 per cent after flagging higher investment spending. H&M, the world’s second-biggest fashion retailer, slid 8.5 per cent after a smaller-than-expected increase in sales.Wall Street stocks tumbled in early trading as turbulence at Credit Suisse revived fears of a banking crisis.

No thanks to the war in Ukraine affecting Europe.

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