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Yup a number of Italian banks also although I dont know much about whats going on their. I'm not concerned either Mr Wolf, however as you say the muck just gets spread all over and causes a shock wave of panic, we saw it with the Truss budget. I am really thinking of loading up massively on this time around on BARC for a hold over the next few years.
@Saihaj, I believe the reason the Saudi's cannot provide more funding into CS is due to regulatory issue not that they don't want to.
It's a regulatory issue saihaj. Not so much lack of confidence. Saudi national bank cite regulatory reasons.
Saudi national bank would see no benefit watching credit suisse collapse, quite on the contrary. And for that matter...none of us would want to see credit suisse fail.
@ JayK - not surprised they're 96% of their ATH !
Yes they are technically ok and can survive this mess, slowly. Though if the vultures like Odey set about them, theyre gone !
Which will cause a tidal wave of 541t all over the surrounding banks.
No surprise the Italians are taking a few knee tremblers, though that was expected years back even.
Currently im not concerned with likes of Barclays, though it does not stop the smell of sewage blowing down wind.
It's not just CS suspension. It's a whole load of other EU banks that have had stocks sell off heavily. EU circuit breakers are different to ours.
You can always rely on CS to rear It's years old ugly head at the worst possible times and bring it's problems to the table and magnifying the short term panic.
But I still don't believe the panic is of magnitude or has any significant logic behind it to be the nail that sends CS to bank heaven (or hell). CS will surely go to hell.
@JayK - I think you’re spot on and with Saudi investor ruling out more funds for Credit Suisse that clearly shows a lack of confidence.
Me too on Mon morning. Though it was about SVB and didn't realise CS was on the precipice.
Thats the reason for todays fall imo, its been a great simple short on the FTSE but damn my additional purchase of BARC shares at 148 yesterday got screwed today lol. Was hoping for stability not CS to flair up again. Oh well, lets see what happens and how bad things are at CS.
@ JayK - That doesn’t sound good at all!
CS suspending from trading.
If Credit Suisse tumbles then that will hit Barclays harder IMO
I think.
Current market sentiment has taken control, Barclays, unfortunately is getting hammered.
Triumph 1 the ku you are spot on with your comments. Especially the last bit about CS.
Is it overblown if CS topples?
They Big difference compared to the bank runs of 2008 is the client base. Its not your average Joe on the street who's at risk it's the investors, vc, in this instance. This is overblown.
Large drops today in the markets. Maybe some M&A going to happen over the next few months ,
I would not be surprised if barc get targeted. :-).
C.S's CEO has been waffling on and on about improvement, Their SP wont touch the sides once to55ers like Odey get their shorts built.
Was half expecting a couple of slips in to 140's this week, nothing like this nonsense.
Heard the bill was a couple of billion got snatched shorting bank stocks past week, seems like they haven't finished their meal yet.
Barcs now slammed tight on support, if this gives up . . . Even I will be losing composure.
Crazy week
But...I still fail to see how SVB could cause the final downfall of credit suisse, or more the straw that broke the camels back. I just don't see this particular straw having enough mass. Even if I had money in there now...I wouldn't feel the need to pull it fast. SVB clients were mainly loss making startups who were burning through cash rapidly. The rate of cash burn of these startups given the environment now is what caused SVB to run low on liquidity. It started as a bank run nobody was aware about. Only when SVB attempted to raise funds through equity and selling off their fixed income portfolio did everyone lose their mind and panic, as they then grasped the extent of the issue. The case study (SVB) parameters are simply too narrow to be contagious on a scale. The only way this can go further is if a true state of panic were to happen and everyone decided it were best to just keep their money stuffed under the matress. But that makes no sense. Major banks have already seen very large inflows this week.
Issues are no stranger to credit suisse, and I still fail to see contagion here in the form of a bank run at credit suisse. Still a storm in a tea cup, much ado about nothing ect ect.....IMO of course.
Credit Suisse may still have further impact on Barclays so we could see mid 130's by EOD. On sideline for now!
Maybe due to the fact that our stock market is more weighted toward financial institutions?
Credit suisse announced today that they found some "material weaknesses" in their financial reporting process for 2022 and 2021. Also their main investor, Saudi national bank won't stump up more financial assistance.
Seems to be causing the panic today. Funny thing is....US banks are not nearly as much down pre market as what we are experiencing here. If any bank was going to cause us pain here, it would be credit suisse or DB.
...every cloud lol
Yes, Credit Suisse could go the same way as SVB as depositors continue to withdraw large swathes of funds. Absolute bloodbath. One man's meat is another man's poison though so some opportunity this could be?
Due to Credit Suisse? Down over 20% in pre-market trading.
It is PIGPOG... I've never seen anything quite like it. Trying not to panic. I have zero confidence in the board of directors to issue an RNS that tries to calm the waters. They've probably got their heads in the sand. Someone at BARC needs to get a grip and make a statement otherwise the SP looks like it will continue to crash?