First consequences in Europe. European stock markets experienced a significant fall on Monday morning, in the wake of Silicon Valley Bank bankruptcy last weekend in the United States.
Around 10:40 a.m., Paris fell by 2.95%, Frankfurt by 3.12%, London by 2.43% and Milan by 4.60%. The shares of the major European banks were also in the red: BNP Paribas lost 6.06%, Santander 7.37%, ING 8.30% and Commerzbank 12.02%.
This Monday morning, Bruno Le Maire wanted to be reuring on France Info, believing thathe saw “no risk of contagion”. “What happened in the United States is very singular, it is a bank which was very exposed to the tech sector, which had difficulties linked to the increase in interest rates”, a analyzed the minister. Same story in Germany, while banking supervisor Bafin ured that the bankruptcy of SVB does not constitute “a threat to financial stability”.
Silicon Valley Bank’s descent into hell, which funds many tech players, has sown the markets. In the background, the painful memory of Lehman Brothers, which had precipitated the banks of the whole world in its downfall.