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Home » Banks rally on Ibex 35: “Volatility will remain high”

Banks rally on Ibex 35: “Volatility will remain high”

CreditSuisse She has asked for help from the Swiss National Bank, which will lend her 50,000 million Swiss francs (50,600 million euros at the current exchange rate) in liquidity to bolster her pre-emptively. In addition, the bank has announced a senior debt offering.

This help comes after a turbulent few days for the Swiss bank, which recently announced a review of its accounts for 2021 and 2022 after finding flaws in its risk measurement, and was also followed by the announcement of its main shareholder – with a 9.8% stake – was shaken – that it is not injecting more capital as it cannot exceed 10% for regulatory reasons.

Credit Suisse already carried out a capital increase of CHF 4,000 million last year.

For now, the news is enough to send Credit Suisse up 21.70% on the Zurich Stock Exchange and drag the rest of European and Spanish banks higher.

On the IBEX 35, Banco Santander shares are up 2.56% to €3.29, while BBVA is up 2.05% to €6.17. At Caixabank the increase is 1.02% to 3.67 euros, at Banco Sabadell 1.52% to 1.03 euros. Unicaja Banco rises 1.08% to 1.03 euros. Bankinter continues to fall, down 0.14% to €10.86.

However, they are far from regaining the ground lost yesterday considering Banco Sabadell fell 10.24% and BBVA fell 9.60%. Banco Santander (-6.89%), CaixaBank (-6.72%), Bankinter (-6.46%) and Unicaja Banco (-6.06%) also suffered heavily.

“Credit Suisse’s business model is not comparable to that of Spanish banks, while their exposure to the Swiss bank is irrelevant,” he stresses. Nuria Álvarez, Renta 4 Analyst. According to data, the combined risk of Spanish companies for the bank would not exceed 1,000 million euros.

“We take that into account The penalties for the posts were excessive, although perhaps understandable from a loss of confidence in the financial sector on a global scale and the risk to stability,” believes Álvarez. “However, apart from Credit Suisse, we believe that some of the corrections are motivated by the changed interest rate expectations.”

In this context of uncertainty we should continue to experience high price volatilitywith downward pressure and even more if the ECB confirms the new market expectations today,” emphasizes the Renta 4 expert.

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