Banking stocks drove European markets lower on Monday as global investors weighed the consequences of the collapse of Silicon Valley Bank (SVB). The US lender imploded last week and had its assets seized after a bank run caused its stock to plummet.
The pan-European Stoxx 600 index dropped 2.56% at 13:00 GMT, with all major stocks trading in the red. Bank stocks slumped more than 6%, with Commerzbank, BAWAG Group, and Banco BPM among the biggest losers. Credit Suisse plunged 15% in early trading and UniCredit lost 9%, while Deutsche Bank and Raiffeisen Bank both declined by 7%.
The meltdown came despite the news that Britain’s HSBC, which is one of the world’s biggest banks and boasts $2.9 trillion in assets, has agreed to rescue the UK branch of SVB for a symbolic £1, vowing to protect client deposits as part of the deal. Following the announcement, HSBC saw its shares drop 3.5%.
“We’re seeing a liquidity withdrawal – the classic thing that you’d expect following a credit event like what’s happening at SVB. People get scared, reduce exposure to equities and move into government bonds,” Haig Bathgate, head of investments at Atomos, told Bloomberg.
https://www.rt.com/business/572907-us-banking-crisis-european-stocks/
eurofascism
The European Union is out of control and out of touch with reality. They announced a new round of sanctions on individuals and groups who refuse to drink the EU kool-aid on Ukriane. I was particularly shocked and angered by their decision to punish Colonel Jacques Baud:
Jacques Baud, a former Swiss army colonel and strategic analyst, is a regular guest on pro-Russian television and radio programmes. He acts as a mouthpiece for pro-Russian propaganda and makes conspiracy theories, for example accusing Ukraine of orchestrating its own invasion in order to join NATO.
Therefore, Jacques Baud is responsible for, implementing or supporting actions or policies attributable to the Government of the Russian Federation which undermine or threaten stability or security in a third country (Ukraine) by engaging in the use of information manipulation and interference.”
You know it is a serious matter of egregious abuse of power when Dr. Gilbert Doctorow and I are in firm agreement… Here ...
Volkswagen is shutting down its Dresden plant—the first closure in its 88-year history—due to skyrocketing energy costs, plummeting sales and geopolitical pressures. The "Transparent Factory" was once a symbol of VW's EV ambitions but failed commercially, producing fewer than 200,000 vehicles since 2001.
Up to 35,000 German jobs could be slashed by 2030, including thousands in R&D, as part of a brutal restructuring. Germany's economy is in a "structural crisis" due to disastrous energy policies (anti-Russia sanctions), rising production costs and collapsing competitiveness.
The European Union's rejection of Russian oil/gas crippled German industry, while China dominates EV sales and U.S. tariffs hurt exports. Analysts warn Volkswagen faces severe cash flow pressures by 2026, forcing cuts to gasoline R&D despite weak EV demand.
The Dresden plant will be repurposed into an AI, robotics and microchip research hub, aligning with the globalist agenda: Centralized control by elites, ...
Sanctions aimed at weakening Russia have backfired spectacularly, Italy’s Deputy Prime Minister Matteo Salvini told Corriere della Sera.
19 rounds of sanctions cobbled together in nearly four years have boomeranged, bringing the West’s economies “to their knees,” Matteo Salvini emphasized, adding that they sent Italian household energy bills “soaring.”
Salvini also urged caution amid Europe’s growing militarization, fueled by what he described as an alleged “phantom threat” from Russia.
After all, “if Hitler and Napoleon couldn’t conquer Moscow through military campaigns,” he noted, it’s "hardly likely" that people like European Commission Foreign Policy Chief Kaja Kallas, French President Macron, UK Prime Minister Starmer, or German Chancellor Merz would succeed either, Salvini added.....more below
