Which European stock exchange crash began the Panic of 1873?

The Vienna Stock Exchange crash began the Panic of 1873.

On 9 May 1873, a wave of selling and failures struck the Vienna Stock Exchange in Austria-Hungary. The date became known as Black Friday in Vienna and is widely identified as the starting point of the international financial panic.

Speculation in railways, property, and other ventures had expanded during an earlier boom. When confidence broke, investors rushed to sell, banks and companies failed, and financial stress spread beyond Austria-Hungary. The panic soon affected Germany, the United States, and other economies.

The Panic of 1873 is often linked to the Long Depression, although historians debate the exact duration and severity of that broader downturn. It is distinct from the Panic of 1837 and from the separate 1929 Wall Street crash. The year 1873 identifies the crisis, while 9 May identifies its famous Vienna turning point.