Dusseldorf The biggest week of losses since the end of August is emerging on the German stock market. The leading index Dax turned negative on Friday afternoon after a friendly start and is currently losing 1.3 percent to 14,773 points. On a weekly basis, the loss is around four percent.
The trigger for the change in sentiment is renewed price losses at Credit Suisse. Shares of the ailing Swiss bank fell more than 10 percent to CHF 1.77 after DBRS Morningstar downgraded Credit Suisse’s rating, becoming the first global rating agency to do so after the Swiss central bank’s bailout.
Concern about the systemically important bank had already pulled the entire market down on Wednesday when the Dax had lost more than percent. The situation remains tense, explained Daniel Bosshard, an analyst at the Luzerner Kantonalbank. “The basic problem of Credit Suisse remains the lack of customer trust.”
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