Several European banking stocks halted from trade after steep losses: Live updates

European markets were sharply lower Wednesday, with banking stocks in deep negative territory following the global Silicon Valley Bank fallout.

The pan-European Stoxx 600 index was down 2.6% in mid-morning trade, with all sectors and major bourses trading in the red.

Banking stocks continued their losing streak and were down 6%, followed by retail, which was down 5.2%.

Credit Suisse dropped to the bottom of the blue-chip index after the bank revealed “material weaknesses” had been found in its reporting Tuesday. The share price had dropped more than 20% by around 10.29 a.m. London time Wednesday after the bank’s biggest lender said it would not be able to offer more financial help.

Credit Suisse, Societe Generale and several Italian bank stocks were halted from trade due to the steep losses.

About the Author: Patriotman

Patriotman currently ekes out a survivalist lifestyle in a suburban northeastern state as best as he can. He has varied experience in political science, public policy, biological sciences, and higher education. Proudly Catholic and an Eagle Scout, he has no military experience and thus offers a relatable perspective for the average suburban prepper who is preparing for troubled times on the horizon with less than ideal teams and in less than ideal locations. Brushbeater Store Page: http://bit.ly/BrushbeaterStore

One Comment

Paulo March 15, 2023 at 13:08

Patriotman, this is this week’s

McAlvany Financial Report:

‘The Unlimited, Universal, Depositor Bailout’

https://www.youtube.com/watch?v=T6NXV6yCK2w