European stock markets close with the worst drop since the Credit Suisse crisis

The European stock markets have closed this Thursday with the worst fall since March 15, in the midst of the Credit Suisse crisis, due to the fear of the markets that interest rate rises in the United States will continue after the publication of better employment data than expected and know the latest minutes of the Federal Reserve (Fed).

Paris has fallen 3.13%; Frankfurt, 2.57%; Milan, 2.53%; London, 2.17% and Madrid, 2.12%, according to market data consulted by EFE. For its part, the Euro Stoxx, which brings together the main European shares, fell 2.93%.

The large European stock markets have traded negatively for this Wednesday’s session, with losses that have worsened after the red opening of Wall Street, whose main indicator, the Dow Jones Industrials, opened with a fall of 0.93%.

The cuts registered this Thursday in the European Stock Markets are the largest since March 15, when the markets registered heavy losses in the midst of the Swiss bank crisis Credit Suissewhich ended up being sold to its competitor UBS a few days later to avoid its bankruptcy.

In the session of March 15, Madrid lost 4.37%; Milan, 4.61%; Paris, 3.58%; Frankfurt, 3.27% and London, 3.14%.

Now, investors fear that interest rates will rise again in the United States, since the economy of the country does not seem to cool down, at least according to the employment data released this Thursday and after the minutes of the last meeting were published. from the Federal Reserve on Wednesday.

Private companies in the United States created almost half a million jobs last June, more than double what was expected by the market consensus, as reported this Thursday Automatic Data Processing (ADP)one of the largest payroll managers in that country.

Those 497,000 new jobs represent the highest monthly job creation in almost a year, since July 2022, and are more than double the 220,000 jobs analysts expected and almost double the 267,000 created in May.

After this data, the markets will continue to await the evolution of the country’s economy, where this Friday, July 7, the official unemployment figure published by the Bureau of Labor Statistics (BLS) will be known.

At the close of the European stock markets, oil fell 1.14% to US$ 75.5 a barrel. For its part, the euro rose 0.13% to exchange for US$ 1.0869.

In the debt market, the ten-year German bond, considered the safest, rose 14.9 basis points to reach a yield of 2.622%.