-
Markets Today – Shotgun Wedding
The travails of the US regional banking system and in Europe, Credit Suisse, continued to barrel though global markets on Friday. Thursday’s bounce in European and US equities has proved to be very much of the ‘dead cat’ variety, albeit Friday’s loss for the S&P500 was limited to 1.1% (financials -2.7%) and the Eurostoxx 50 to 1.3%. The KBW bank index lost another 5%, to now bring its March-to-date loss to 28%. First Republic Bank’s shares lost 33% Friday (so much for that $30bn mid-week deposit injection from other banks) while Credit Suisse was down 8% to CHF1.86, having jumped from 1.697 to 2.022 on ... (full story)