Why Carnival, Norwegian Cruise Line And Royal Caribbean Group Shares Are Falling Sharply During Wednesday's Session

Carnival Corp CCL, Norwegian Cruise Line Holdings Ltd NCLH and Royal Caribbean Cruises Ltd RCL are all trading lower Wednesday afternoon amid overall market weakness.

Shares of several companies in the broader consumer discretionary sector are trading lower after the Saudi National Bank said it could not provide more funding or increase its stake in Credit Suisse, which has added to fears of instability in the banking sector.

So What's Going On With Credit Suisse?

The renewed selling in Credit Suisse came on the back of its biggest investor, Saudi National Bank, stating that it would not buy additional shares in Credit Suisse, Reuters reported.

The Saudi bank reportedly said regulatory guidelines do not allow it to invest in over 10% of an entity. Reuters reported that the Middle East bank's stake in Credit Suisse is tantalizingly close to the mark...Read More

According to data from Benzinga Pro:

• CCL is trading lower by 6.28% to $8.50
• NCLH is lower by 5.13% to $12.67
• RCL is lower by 5.78% to $60.84