European stocks sank on Monday on fears over the health of Swiss bank Credit Suisse, while oil jumped on expectations of an OPEC output cut. Investors are already on edge over worries that rising interest rates, aimed at fighting sky-high inflation, could spark recessions. The British pound bounced above $1.12 after the UK scrapped plans to axe its top income tax rate, after a debt-fuelled budget had sent sterling spiralling to a record dollar low one week ago. 'Dicey' sentiment "Sentiment is still pretty dicey and Credit Suisse is definitely weighing heavily today on European equities," Markets.com analyst Neil Wilson told AFP. "A globally systemic bank requiring to raise capital would be a major event and could certainly undermine confidence in the banking system." Shares in Credit Suisse plunged to a new low in Zurich on Monday as the scandal-plagued lender sought to ease concerns about its financial health. Stocks tumbled almost 10 per cent to 3.58 Swiss francs ($3.61) before clawing back ground to 3.65 francs, down more than eight per cent. The Financial Times reported that senior executives sought over the weekend to reassure big clients and investors about the bank's...
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