The big ones european banks suffer on the stock market this Monday with falls that exceed 14% in some cases and drag down the main European indices due to the unforeseeable consequences for the sector that the bankruptcy of the Americans can bring Silicon Valley Bank and Signature Bank.
In a day without relevant macroeconomic data for the stock markets, the fear of contagion to the entire banking sector captures the attention of investors, although analysts believe that there is little chance of it happening.
“We understand that (in Europe) the risks of contagion are more limited if we talk about more diversified entities, not concentrated in a single sector such as technology,” the investment manager Renta4 told EFE in a market report on Monday.
Singular Bank adds that “prompt and, in our opinion, wise joint intervention” by the Federal Reserve (Fed), the Treasury and the FDIC to guarantee deposits “should serve to reassure investors.”
However, the financial sector is sinking on the stock market since the opening of the markets and during the morning the falls have increased.
Shortly before 2:00 p.m., the largest decreases were from the French Crédit Agricole, 14.34%, the German Commerzbank, 10.2%, and Banco Santander, 8.27%.
In Italy, Unicredit loses 7.84% and Intesa Sanpaolo, 6.83%; while the Swiss UBS fell 7.2%. The French BNP Paribas left 6.39%, ING (Netherlands), 6.98%, and BBVA (Spain), 7.04%. In the United Kingdom, Barclays falls 5.36% and HSBC, 4.7%.
The main European stock indices recorded the biggest falls so far this year at the same time. Milan fell 4.09%, Madrid, 3.29%; Frankfurt, 3.18%; Paris, 3.03%, and London, 2.49%.
With information from EFE.
Source: Larepublica
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