Financial difficulties of Credit Suisse cause European stock markets to fall by more than 3%

Share prices for Credit Suisse fell 24.24%, sending European stock markets plummeting on concerns about financial stability following the collapse of US-based Silicon Valley Bank. Comments from the bank's largest shareholder sent stocks into a panic, with Credit Suisse shares shedding up to 30% of their value during the session, hitting a new all-time low of CHF1.55. It also weighed on UBS, Credit Suisse's main competitor in Switzerland, whose shares fell 8.53%. The Swiss National Bank and financial regulator Finma said Credit Suisse is in compliance with capital requirements and will receive liquidity if needed. At the same time, benchmark oil prices also accelerated their decline due to fears of a recession in the global economy, hitting lows since December 2021. May futures for Brent and April futures for WTI fell 3.62% and 3.76%, respectively.