Stock markets sank on Wednesday on renewed fears of a burgeoning banking crisis, snapping a one-day rally as Credit Suisse led a rout in shares of major lenders.
Global markets have been rattled by the collapse of tech sector lenders Silicon Valley Bank and Signature, which forced US authorities to intervene at the weekend to prevent contagion.
"You get the picture: investors were panicking. Bloodbath, if you will," said Fawad Razaqzada, market analyst at City Index and FOREX.com.Shares of Credit Suisse, Switzerland's second biggest bank, crashed by 30 percent to hit a record low. "The financial sector in Europe is under significant turmoil today as a result of SVB's fallout," noted Naeem Aslam, chief investment officer at Zaye Capital Markets.
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