{"id":186776,"date":"2023-03-15T11:00:00","date_gmt":"2023-03-15T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=186776"},"modified":"2023-03-15T10:55:18","modified_gmt":"2023-03-15T14:55:18","slug":"credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank\/","title":{"rendered":"Credit Suisse Plunges Hard Putting Market Rally At Risk; What&#8217;s Going On With The Swiss Bank"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>More negative headlines on the banking sector could reignite worries about the health of the financial sector.<\/li>\n\n\n\n<li>Credit Suisse has been going through a harrowing time over the past due to its precarious financial position.<\/li>\n<\/ul>\n\n\n\n<p><strong>Credit Suisse Group AG&nbsp;<\/strong>shares were plunging&nbsp;<a href=\"https:\/\/www.benzinga.com\/premarket\/\" target=\"_blank\" rel=\"noreferrer noopener\">in premarket trading&nbsp;<\/a>on Wednesday after its biggest shareholder ruled out continued financing support.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What Happened:&nbsp;<\/strong><\/h2>\n\n\n\n<p>Shares of the Swiss lender fell 1.18% on Tuesday despite the broader market recovery after it said it found material weaknesses in its financial reporting over the past two years due to ineffective internal controls.<\/p>\n\n\n\n<p>The weakness is continuing into Wednesday, with the stock shedding about 20.7% and falling to a fresh low of $1.99 in premarket trading, according to&nbsp;<a href=\"https:\/\/pro.benzinga.com\/dashboard\" target=\"_blank\" rel=\"noreferrer noopener\">Benzinga Pro data<\/a>.<\/p>\n\n\n\n<p>The renewed selling came on the back of its biggest investor \u2014&nbsp;<strong>Saudi National Bank \u2014&nbsp;<\/strong>stating that it would not buy additional shares in Credit Suisse, Reuters reported. The Saudi bank reportedly said regulatory guidelines do not allow it to invest in over 10% of an entity. Reuters reported that the Middle East bank&#8217;s stake in Credit Suisse is tantalizingly close to the mark.<\/p>\n\n\n\n<p>Credit Suisse\u2019s Swiss-listed shares traded down 22.19% and its credit default swap, which otherwise is the cost of insuring its bonds against potential default, has plummeted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Weakness Spreads To Broader Market:&nbsp;<\/strong><\/h2>\n\n\n\n<p>Following the development, the European markets fell sharply and&nbsp;<a href=\"https:\/\/www.benzinga.com\/news\/earnings\/23\/03\/31356855\/nasdaq-s-p-futures-plunge-as-credit-suisse-crisis-deepens-bringing-banks-back-in-spotlight\" target=\"_blank\" rel=\"noreferrer noopener\">the U.S. index futures, which were showing modest losses, dropped precipitously.<\/a><\/p>\n\n\n\n<p>The negative headline could spread panic in the market, which is already grappling with the collapse of a trio of banks in the U.S. The U.S. government\u2019s decision to backstop deposits of the failed banks infused optimism and fueled a recovery on Tuesday.<\/p>\n\n\n\n<p>&#8212;<\/p>\n\n\n\n<p>Originally Posted March 15, 2023 &#8211; <a href=\"https:\/\/www.benzinga.com\/news\/23\/03\/31357630\/credit-suisse-plunges-hard-putting-market-rally-at-risk-whats-going-on-with-the-swiss-bank\">Credit Suisse Plunges Hard Putting Market Rally At Risk; What&#8217;s Going On With The Swiss Bank<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More negative headlines on the banking sector could reignite worries about the health of the financial sector.<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,6,8,9,22,26,3],"tags":[14920,3216,4432,1541],"contributors-categories":[13584],"class_list":{"0":"post-186776","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-europe-middle-east-africa","7":"category-north-america","8":"category-region","9":"category-securities","10":"category-stocks","11":"category-text-articles","12":"category-traders-insight","13":"tag-bank-sector","14":"tag-bank-stocks","15":"tag-credit-suisse","16":"tag-financial-stability","17":"contributors-categories-benzinga"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Credit Suisse Plunges Hard Putting Market Rally At Risk; 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