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.