Swiss bank drags down big lenders as fears spread to Europe

on both sides of the Atlantic.fell more sharply as shares in the Swiss bank tumbled. The Dow Jones Industrial Average was down 620 points, or 1.9 per cent by lunch while the Nasdaq composite was 1.2 per cent lower.the chairman of the Saudi National Bank said it would not increase its stake in Credit Suisse..

The Reserve Bank of Australia has also been making steep hikes but the target cash rate remains below that in the US.'We already took the medicine' to reduce risks Speaking on Wednesday at a financial conference in the Saudi capital of Riyadh, Credit Suisse Chairman Axel Lehmann defended the bank, saying, "We already took the medicine" to reduce risks.

Credit Suisse stock dropped about 30 per cent, to about 1.6 Swiss francs , before clawing back to a 24 per cent loss at 1.70 francs in late afternoon trading on the SIX stock exchange. At its lowest, the price was down more than 85 per cent from February 2021. The stock has suffered a long, sustained decline: In 2007, the bank's shares traded at more than 80 francs each.

The turbulence came a day ahead of a meeting by the European Central Bank. President Christine Lagarde said last week, before the US failures, that the bank would "very likely" increase its benchmark rates by a half percentage point to press its fight against inflation. Markets were watching closely to see if the bank carries through despite the latest turmoil.The Saudi National Bank committed $US1.5 billion of the $US4 billion in new capital Credit Suisse raised to fund its overhaul.

"Credit Suisse was widely seen as the weakest link among Europe's large banks, but it is not the only bank which has struggled with weak profitability in recent years," he said.

The only bank in the world where it cost you money weekly to bank there ohh gangster Jewish money

Turns out governments spending endless money , selling government bonds , causing inflation and raising interest rates has consequences

And more to follow

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