Forex Top Team

Credit Suisse stock updated to lowest price, largest shareholder “additional investment not possible”


Shares of Swiss financial giant Credit Suisse (CS) plummeted 26% to new all-time lows on Thursday. The material is that the Saudi National Bank (SNB), the largest shareholder, said that it could not make an additional investment.

CS has been plagued with scandals, and management concerns have been whispered for some time. The company is trying to rebuild itself through organizational reforms, but in 2022 it will record the biggest deficit since the 2008 financial crisis. The outflow of customers has not stopped.

CS default credit default swap (CDS) premium rises. The five-year bond expanded to 574 basis points, a new all-time high, according to S&P Global Market Intelligence.

Bank stocks fell across the European market. Switzerland’s UBS fell 6.8%, while France’s BNP Paribas and Societe Generale fell more than 11%. Germany’s Commerzbank fell nearly 10% and Deutsche Bank dropped 8.4%.

UBS Chief Executive Officer Ralph Hammers told a Morgan Stanley meeting on Wednesday that money was pouring into the bank following the recent market turmoil.

Today, on this topic, the EUR fell sharply. However, it was a little too low, so I couldn’t jump on it. Instead, we put a sell on CHF in the form of a buy on USDCHF. Since Credit Suisse is based in Switzerland, it is assumed that CHF is likely to sell.

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