Svb: assisted bankruptcy procedures started. And the new thud of Credit Suisse extinguishes the enthusiasm of the Stock Exchanges. Piazza Affari turns negative

There is no rest for Sillicon Valley Bank. After the crash reported the day before yesterday, SVB Financial Group is now starting procedures for Chapter 11, assisted bankruptcy for a supervised reorganization. The request was filed in a New York court and aims to “preserve value”. This is what emerges when reading a note which states that Svb Financial Group is no longer affiliated with Silicon Valley Bank. The Secretary General of the OECD, Mathias Cormann, then intervened on the Svb case this morning on the occasion of the presentation of the Economic Outlook in Paris: “We think that the risk of contagion from the collapse of Silicon Valley Bank is quite contained,” said Cormann, recalling how the situation is very different compared to 2008 and the peculiarity of the business model of Svb. What has happened in recent days on the markets, also given the collapse of Credit Suisse, “does not change our recommendation” inserted in the Economic Outlook for a restrictive monetary policy because “inflation must be brought back to the target”, adds Cormann.
The new collapse of Credit Suisse extinguishes the enthusiasm of the Stock Exchanges.
Meanwhile, the main European stock exchanges are down with negative US futures, reversing the trend of an upward day that started with the reassurances on Credit Suisse. The Swiss banking giant extends the decline (-8.5% to 1.84 francs) on the Zurich market (-0.5%) after, according to the Bloomberg agency, the prospectus for the 50 billion euro intervention by the Central Bank Switzerland ended up in the hands of investors. Minus signs also for Milan (-0.3%), Frankfurt (-0.1%), Paris (-0.2%) and Madrid (-0.46%), while London (-0.03%) appears little move. The banks reduce the rise, from Banco Bpm (+1.27%), Intesa (+0.29%), Unicredit (+0.06%), while Mps slips (-3.33%). Minus signs also for HSBC (-1.38%), Lloyds (-0.97%) and Credit Agricole (-0.6%). Ubs (-0.84%) also fell in Zurich (-0.84%), which according to reports from the Bloomberg agency is against a merger with its rival Credit Suisse. Energy performed well with Eni (+1.05%), Saipem (+1.65%) and Tenaris (+1.49%), together with BP (+1.37%), Shell (+1.54% ) and TotalEnergies (+1.05%), after the opinion of Morgan Stanley analysts on the sector