The banks begin another black week on the stock market. The in extremis rescue of Credit Suisse this weekend has not served to cut the bleeding of the sector in the markets and the losses are fattening again with the entities in the midst of the financial storm that has unleashed the collapse of Silicon Valley Bank in the US .
The Ibex 35 has opened with a 2% drop in the early stages of the day dragged down by the collapse, one more day, of Sabadell (-7%) and the rest of the entities. Santander and Unicaja are around 5.7% decrease; CaixaBank, -4.5% and BBVA and Bankinter are around -4%.
The takeover of Credit Suisse at a bargain price by its main competitor, UBS, also Swiss, does not seem to be enough to reverse the crisis of confidence that investors have been experiencing for more than a week. UBS remains with the entity for just over 3,000 million dollars, compared to the 8,000 million that Credit Suisse capitalized last Friday after losing 26% of its value in one week.
It is the agreement reached by the heads of both entities, the Swiss government and the country's supervisors and regulators after a weekend of frantic negotiations to avoid further contagion to the system. The market, for now, turns its back on that solution. UBS itself collapsed this morning by more than 14%, while Credit Suisse titles fell more than 63%.
The rest of the European stock markets have also started the session downwards, with falls of 1.1% in Paris, 1.4% in Frankfurt, 1.1% in London and 2.2% in Milan.
They thus follow the trend of the large Asian markets, where investors have also shown signs of not regaining confidence in financial stability. In Hong Kong, the Hang Seng index fell more than 3%, and on the Tokyo Stock Exchange, the main Nikkei index, closed the session with a loss of 1.42%.
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