Credit Suisse has taken the lifeline that the Swiss central bank and the country’s regulator Finma launched yesterday at the last minute and has requested a rescue of up to 50,000 million francs (about 50,700 million euros) this morning after the stock market crash it suffered yesterday in the markets. The news has been the signal that investors needed to ease the flight of the banking sector on the stock market pending the meeting this Thursday of the European Central Bank (ECB) and that is giving air to the listing of the entities.

The shares of the Swiss company itself rebounded almost 24% in the first minutes of listing, thus recovering practically everything lost the day before. In this line, the European stock markets have opened with rises of more than 1.50% with the banks leading the rises. The Ibex 35, which suffered its biggest fall since November 2021 (-4.37%) yesterday, rebounded around 1.5% in the early stages of the session and was close to 8,900 points. Within the selective, Santander leads the gains with an advance of 3.7%; CaixaBank and BBVA are close to 3%, while Unicaja and Banco Sabadell are around 2.5% increases.

The rises are even more accentuated in other European places, where the Ftse Mib of Milan gains 2.21%. In Frankfurt, the advances exceed 1.5%, somewhat ahead of the Cac 40 in Paris, while London moves around 1.2%.

Volatility is the expected tonic for today’s session. All attention will be focused on the ECB meeting, which for weeks has shown its willingness to raise the price of money in the euro zone by half a percentage point, by 50 basis points, up to 3.5%.

The confirmation of this rise and, above all, the message that its president, Christine Lagarde, can send, will finish defining the course of the day after the day of panic that took place on Wednesday.

After the collapse of Silicon Valley Bank (SVB) last week in the US, the Credit Suisse crash yesterday shifted the focus of the stock market crisis from the US to Europe. The shares of the Swiss entity plummeted more than 24% after the withdrawal of support from its main shareholder, the Saudi National Bank, and that gesture caused a domino effect in the rest of the regional banking sector.

The big banks suffered losses that in cases like that of Sabadell came to exceed 10%, dragged down by uncertainty and fears of the ghost of Lehman Brothers. Analysts and experts insist that there are no reasons to think of a new debacle of the magnitude of 2008, but the crisis of confidence in the system is already a reality and the next few days will be crucial to recover it.

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