Shares of Deutsche Bank dropped by 11% on Friday. It was the third day in a row that the German-based megabank had its value decline, with shares losing more than a fifth of their total value so far this month alone.Credit default swaps, known as CDS, allow an investor to swap their credit risk with another investor, creating a form of insurance against default. CDSs typically go up as investors see the entity in question as being riskier.
Germany’s DAX, which is a basket of 40 German blue-chip companies, was down by 1.75% on Friday following the turmoil and uncertainty in the banking sector. UBS then agreed to buy out fellow Swiss competitor Credit Suisse, with support from Swiss authorities, amid the latter’s turmoil following SVB’s collapse. Under the terms of the proposed purchase, UBS agreed to purchase Credit Suisse for just over $3 billion, just a fraction of the firm’s estimated value.The Federal Reserve on Thursday released an update on emergency borrowing.
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