Crash in Credit Suisse shares also weighs on Wall Street – US banks also slide significantly

new York Problems at the major Swiss bank Credit Suisse (CS) pushed Wall Street back into the red after a breather on Tuesday. The Dow Jones index of standard values ​​was 1.2 percent lower at 31,760 points when it opened on Wednesday. The broader S&P 500 lost 1.1 percent to 3877 points. The index of the technology exchange Nasdaq crumbled by 1.2 percent to 11,291 places.

The announcement that the new CS major shareholder Saudi National Bank cannot inject fresh funds for regulatory reasons has apparently reignited fears that the bankruptcy of California’s Silicon Valley Bank (SVB) could turn into a major banking crisis. “Today’s price loss shows in an impressive way that the SVB collapse is obviously not over,” said Timo Emden from the analysis company Emden Research. This means that the joy about the decrease in price pressure in the USA and the associated prospect of a moderate rate hike by the Fed is also gone.