The development in Europe followed a chaotic week for the banking industry in which regulators shut down Silicon Valley Bank on March 10, causing concerns of a contagion that would result in a larger economic crisis. Shanghai Composite Index ended the day 0.5% down while Japan’s Nikkei 225 concluded 1.4% lower.
Australia‘s ASX200 fell 1.4% on the day, and the Kospi in South Korea ended the day 0.7% lower. With losses of 2.7%, Hong Kong’s Hang Seng Index had a far greater decline than other Asia Pacific indices, but the index has been under pressure due to China’s sluggish economic recovery since the country repealed zero-Covid limits in January.
The Credit Suisse
According to CoinMarketCap, the price of bitcoin increased by 4.3% during the last day and is now trading above $28,200. HSBC Holdings’ shares, which are traded on the Hong Kong Stock Exchange, fell 6.2% at the closing, while Standard Chartered, a rival British bank, fell 7.3%.
Later in the day on the London Stock Exchange, HSBC and Standard Chartered were still under pressure and were down 3.2% and 4.3%, respectively. Early in the trading day, shares of other significant European banks also fell, with Societe Generale falling 5.2% and Deutsche Bank falling 6.7%.
- Shares of other significant European banks also fell, with Societe Generale falling 5.2%.
- The Hong Kong branch of Credit Suisse has assets worth roughly HK$100 billion.
- Credit Suisse will continue to operate in Singapore “without disruptions or limits”.
According to regulators in Singapore and Hong Kong, Credit Suisse is operating normally on Monday. According to a statement released on Monday by the Hong Kong Monetary Authority, or HKMA, bank operations in the city would “open for business today as usual” and clients can access their deposits.
According to HKMA, the Hong Kong branch of Credit Suisse has assets worth roughly HK$100 billion, or $12.7 billion. This represents less than 0.5% of the total assets in the city’s banking sector.
Credit Suisse will continue to operate in Singapore “without disruptions or limits,” according to the Monetary Authority of Singapore.
Customers of the bank “retain complete access to their accounts and CS’s contracts with counterparties remain in force,” the Singaporean government stated.
