It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street.

Don't miss a minute of the action.

Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneo with Jim Kramer,

David Faber, post nine of the New York Stock Exchange. Futures are down sharply as banking

worries reignite in Europe around Credit Suisse. Plus now the surprise drop in February

PPI sends the two-year yield

down to 388, market pricing in a full point of cuts from a peak later this year. Our roadmap's

going to begin with fresh financial sector fears. CS's biggest shareholder ruling out further backing

of the beleaguered Swiss lender, sending those shares sharply lower. Plus wholesale prices did post an unexpected February and retail sales fall.

Futures, of course, if you may have already seen, are pointing to a sharply lower open.

We'll also spend a little time talking about Black Rocks Larry Fink's letter in which he warns

a third domino could soon fall.

Let's begin with the fresh worries about the banking sector this time from across the

Atlantic. Credit Suisse tumbling to a new record low. Company's largest investor, Saudi

national banks, says it cannot boost its stake in CS beyond 10%, citing some regulatory issues.

European bank shares have taken a hit dragging their U.S. counterparts.

And, of course, the global markets lower, Jim.

That's in addition to Larry Fink's letter.

Yeah, the market was flat in around quarter of four before we got news that the Saudi

entity is not going to put more in.

I want to comment very clearly on this.

There is a man to my left who has said ever since Arkegos

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