Credit score Suisse shares jumped greater than 30 % when markets opened early Thursday, as buyers appeared reassured by the supply of a liquidity lifeline for the lender from Switzerland’s central financial institution. The financial institution’s inventory was nonetheless up about 23 % round 10 a.m. central European time.
The rally got here after Credit score Suisse mentioned early Thursday that it will borrow as much as $53.7 billion from Switzerland’s central financial institution to assist its enterprise, amid continued fears of market contagion from the collapse of Silicon Valley Financial institution. The troubled Swiss financial institution is far bigger and extra enmeshed within the world monetary system than SVB and Signature Financial institution of New York.
European markets rose, with main indexes up between 1.4 and a pair of.4 % shortly after markets opened. Nevertheless Asian equities offered off, with Hong Kong’s Cling Seng Index and Japan’s bank-heavy Topix down about 1.7 and 1.2 %, respectively, as of market shut within the area.
