Frankfurt The German stock market gave way at the start of the final quarter. In holiday trading on German Unity Day, the leading index Dax loses one percent to 11,997 points. The Frankfurt stock exchange barometer is thus continuing to work its way down to the psychologically important mark of 12,000 points.
Investors were nervous about the turbulence surrounding Credit Suisse, said Naeem Aslam, chief market analyst at brokerage firm AvaTrade, to Reuters news agency. The head of the ailing Swiss bank, Ulrich Körner, had emphasized the institute’s strong balance sheet in a message to the workforce.
He was reacting to the sharp rise in so-called credit default swaps (CDS) on Friday. These are default insurances for bonds. This is very reminiscent of 2007, when the financial crisis was brewing, Aslam commented. Credit Suisse shares fall ten percent in Zurich. The European banking index lost 1.6 percent.
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