The actions European They erased their early gains on Friday and posted their biggest weekly drop in five months as support measures from security regulators USA The US and Europe failed to allay fears of a looming global banking crisis.
* The pan-European STOXX 600 index closed the day down 1.3%, dragged down by banks, insurers and financial services stocks.
* The banking index lost 2.6%, with HSBC, BNP Paribas, Allianz SE and UBS Group falling between 1% and 3%.
* $30 billion in aid from big US banks to beleaguered lender First Republic Bank, less than a day after battered Credit Suisse secured a mega-loan from the Swiss central bank, had pushed the bank index as much as 2.2% at first time of the day.
* SVB Financial later filed for judicial reorganization under Chapter 11 Bankruptcy to find buyers for its assets.
* Euro zone inflation eased slightly in February, data showed on Friday, but core price growth continued to accelerate on rising utility costs.
* The benchmark STOXX 600 index lost nearly 4% this week, and bank stocks tumbled 11.5%, after crises at US and European lenders left investors in a panic about the health of the financial sector. .
* Credit Suisse also reversed early gains and fell 8%, after jumping 19% in the previous session.
* On Friday, the indices of Spain and Italy, which are dominated by lenders, lost almost 2% each, registering their worst weekly falls in more than a year and nine months, respectively.
* Reuters reported that ECB supervisors see no contagion from the turmoil to euro zone banks.
Source: Reuters
Source: Gestion
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