European banks lose $120 billion on the stock market
- March 24, 2023
- 0
large European banks lost more 120,000 million value in the stock market, since two weeks ago the intervention of the American organization Silicon Valley Bank (SVB) will cause
large European banks lost more 120,000 million value in the stock market, since two weeks ago the intervention of the American organization Silicon Valley Bank (SVB) will cause fear in the stock markets before a new financial crisis.
The latest episode of this period of turbulence that dragged the banks into the stock market occurred today as a result of the collapse Deutsche Bankby announcing that it would repay subordinated debt before maturity, prompting the emergence of indicators of credit default swaps (CDS), risk insurance contracts that investors enter into to protect themselves from possible defaults.
Over the last two weeks major European banks (santander, BBVA, BNP Paribas, Societe Generale, Nordea, ENG, Unicredit, interesting, Deutsche Bank And commercial Bank) stand 13% lesss on the stock market, around 121,465 million euros, according to data compiled by Efe.
In this period Deutsche Bankwhich today alone fell by more than 8%, lost 25% of its value, about 5800 million euros, and commercial bank, 23%, 3,400 million
Societe Generale Today it is worth 5,340 million less, a 24.9% drop, while France’s BNP Paribas is just over 8,300 million, down 18.6%.
ING and Nordea lost about 19% of their value, 16.7 billion and 10.2 billion respectively; Unicrédit, 5,800 million (14.7%) and Intesa San Paolo, 49,100 million (9.6%).
Spanish Santander and BBVA today Thursday, March 9, are about 15% less, which means about 9,900 and 6,800 million, respectively.
(EFE)
Source: Aristegui Noticias
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