The drop in the price of oil and concern about the effect of the coronavirus has sent stock markets across the world into negative territory. Shares of Swiss banking giants Credit Suisse and UBS were among the worst hit in Switzerland.
The share price of Credit Suisse dropped to a record low in early trading on Monday. In the first hour after the opening of the stock market, online bank Swissquote recorded a price of 8.704 francs for the Credit Suisse share – down more than 11 percent from Friday’s close. The previous low was 9.755 francs.
The share of UBS also crashed through the threshold of 9 francs and reached a low of 8.792 francs, a minus of more than 9 percent. The record low for the UBS share is 8.20 francs, reached in early 2009.
Oil Price Slump and Economic Worries
Stock markets across the world plunged on news about a crude oil price war between Russia and Saudi Arabia. U.S. crude dropped 28 percent to $29.69.
Also, the world economy is set for turbulent times with the outfall of the coronavirus affecting output. Italy had announced a large-scale quarantine for the economic powerhouse in the North of the country to contain the virus that has put the health-care sector under strain.
