2.2 C
Wednesday, March 29, 2023

Banks under pressure: ATX collapses by 4.5 percent

Must read

- Advertisement -
Deep red share prices could also be observed on the leading European stock exchanges.
- Advertisement -

Deep red share prices could also be observed on the leading European stock exchanges. The banks in Europe again had to accept massive price falls. After the previous day’s recovery, the downward pull from the start of the week continued rapidly. Uncertainty in the banking sector following the collapse of several regional US banks continued to keep international investors in suspense midweek. This was particularly evident in Zurich at the ailing investment bank Credit Suisse, which, moreover, cannot rely on further help from the largest shareholder, Saudi National Bank. The shares of the Swiss institute fell by an impressive 20 percent, marking a record low.

Investors in the international financial sector have been very concerned for days, mainly due to the collapse of the US Silicon Valley Bank (SVB). An analyst from the US bank Citigroup, for example, warned of further short-term price risks on the reporting day, especially since investors are still heavily involved in the sector.

- Advertisement -

In Vienna, BAWAG stocks fell by more than seven percent. Erste Group shareholders suffered a whopping 5.6 percent discount and Raiffeisen Bank International slipped by a similar extent by 5.7 percent.

Oil values ​​were also noticeably lower in midday trading. OMV shares fell by 4.5 percent. The shares of the Lower Austrian oil field supplier Schoeller-Bleckmann slipped by 5.1 percent. Among the other heavyweights, voestalpine lost 5.6 percent and Verbund shares lost 3.7 percent.

Figures from the Vienna Insurance Group (VIG) and the Post were pushed back somewhat in the midst of the sell-off on the stock markets. The VIG papers fell by 3.4 percent in a deep red environment. According to preliminary figures, the insurance group achieved higher premiums and made more profit in the past 2022 financial year. The premiums written rose by 14.1 percent to EUR 12.6 billion and after tax there was a surplus of around a quarter more (EUR 465.9 million). The earnings figures were rated as expected by the analysts of Erste Group.

Swiss Post shares fell 2.6 percent. In 2022, Swiss Post recorded a minus of eight percent in its operating result to EUR 188.4 million, which is mainly due to the parcel area, which experienced a boom in 2021 due to the corona virus. In terms of sales, the partially state-owned group remained at the level of 2021. Here, the operating results of Erste Group were classified as a touch better than forecast.

The focus is also on tomorrow’s ECB interest rate decision. According to economists, the European Central Bank (ECB) is likely to raise interest rates again on Thursday despite the recent market turbulence. An increase of 0.50 percentage points is still expected. This should increase the currently important deposit rate to 3.00 percent.

more from economy

Bio Austria: Mühlviertler farmer should become chairwoman

RBI is said to be working on swap deal with Sberbank

Next photovoltaic funding round on March 23 at 5 p.m

Construction costs remain high in February

: Nachrichten

- Advertisement -

More articles


Please enter your comment!
Please enter your name here

- Advertisement -

Latest article