European financials hit by further decline in confidence

Five-year senior credit default swap (CDS) spreads referencing Credit Agricole widened to 143.5 basis points at 3:30pm London time from 135bp at the close of New York trading yesterday. Spreads on Natixis widened to 355bp from 320.7bp and the cost of credit protection on BNP Paribas, which shut its distressed debt desk this week, increased to 138.4bp from 143.1bp. CDSs on Société Générale moved out to 138.5bp from 135bp.

Confidence in German banks was also dented, Dresdner saw spreads reach 141bp

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