Credit Suisse stirred markets as shares slide 22%. 

Nadia ElBilassy, Market Analyst at Equiti

Markets stirred on Credit Suisse plunge 

FTSE 100 falls near $7,455
Gold back on top 
DAX tumbles below $14,8700

Credit Suisse stirs markets as shares slide 22% during European session. The stock markets fell shortly afterwards reversing overnight gains, Germany’s DAX hits January low near $14,690. UK’s FTSE falls near $7,455. 

Contagion prospects fluster sentiment, as Credit Suisse stock plunges after Saudi national bank retracts further lending to the Swiss bank. and announces more lending would go over the agreed 10%, and that consequently prompting regulatory issues.

Volatility continues to spike affecting the stock market negatively as the banking sector crisis immerses. The issue being that the implications of a potential systematic risk or as you may head of “domino effect” hits too close to home as that of the 2008 recession. 

Eerie recession fears widen in market sentiment resulting in the jot down of major US indices as well as futures drop by a large percentage premarket. The S&P 500 was primarily trading near $3,850. With the possibility of the downtrend to continue further potentially hitting levels unseen since October 2022. When recession fears elapsed. 

Gold prices were seen gathering momentum near the $1918, after trading in a tight range yesterday despite lower inflation figures that came in line with market expectations at 6.0% YoY. 

The inflation figure is one of the most key figures that the US Federal Reserve turns too while measuring the percentage of the upcoming interest rate hike. Which is the driver of global market direction at this current stage of events.

Perhaps the tight range could be linked to the persistence of the core inflation figure excluding food and energy prices which rose to 0.5% MoM compared with 0.4% in January.

Oil prices too were hit by the storm as prices hit new lows as recession fears shatter demand prospects. Brent hits new 2022 low near $75 pb. While WTI hovers near $70 potentially going below.  And so it seems that China’s reopening cheer was indeed very short-lived for the black gold commodity.

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