London
CNN
—
Shares in European banks slumped Wednesday as speculation about the health of Credit Suisse
(CSGKF) reignited the market turmoil sparked by the collapse of Silicon Valley Bank.
Yet Europe’s lenders are in a stronger position than many of their US peers to weather rising interest rates and the storm unleashed by the demise of SVB and another regional player, Signature Bank, analysts tell CNN.
The rout in bank stocks has been much less severe in Europe than in the United States since the wheels started to come off SVB last Wednesday.
Europe’s benchmark Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, has fallen 13% since last Wednesday’s close. Meanwhile, the KBW Bank Index, which tracks 24 leading US banks, has plummeted nearly 23%.
On Tuesday, rating agency Moody’s downgraded its outlook for…
