Monday of fear on the Stock Exchange for the Credit Suisse affair.
The rescue of the historic credit institution implemented by the Swiss bank Ubs , with the elimination of the holders of At1 bonds and the deprivation of the shareholders of the same Ubs, who will not be able to reject the agreement, scared the markets, with investors worried about new crises in the banking sector.
The European stock exchanges reduce the opening price reductions in a climate of great volatility. Milan and Paris advanced by 0.1%, London limited the decline to 0.5%.
Risk aversion pushes towards safe-haven assets such as gold, which has jumped above 2 thousand dollars an ounce (+3.7% to 2,002 dollars).
Government bond yields also fell, led by the German Bund, which dropped by 14 basis points to 1.95% while the BTP stood just below 4% at 3.98% and the BTP-Bund spread grew by 9 basis points to 203.
And the storm also overwhelms oil which sinks by 3.8% with the WTI trading at 64.18 dollars a barrel and Brent at 70.2 dollars, while gas futures in Amsterdam slip below 40 euros (-7 .1% to 39.9 euros).
(Unioneonline/lf)
