Fears the global economy might be hit by a fresh banking crisis wiped billions of pounds off the value of top firms on Wednesday during growing uncertainty over the future of troubled Credit Suisse.
Jitters spread through global markets as shares in the struggling Swiss lender crashed to a record low, dragging London’s FTSE 100 down 3.8 per cent. It closed at 7,344 points, more than wiping out the gains that the index has made since the beginning of the year. It was a bigger one-day decline than last year’s mini-Budget and the day that Russia launched the full-scale invasion of Ukraine.
