Credit score Suisse stated early Thursday that it would borrow as much as $53.7 billion from Switzerland’s central financial institution to assist its enterprise, as market contagion from the collapse of Silicon Valley Financial institution deepens and international authorities look to keep away from a repeat of the 2008 monetary disaster. The troubled Swiss financial institution is far bigger and extra enmeshed within the international monetary system than SVB and Signature Financial institution of New York.
Asian equities offered off, with Hong Kong’s Dangle Seng Index and Japan’s bank-heavy Topix down 1.55 and 1.29 p.c, respectively, as of about midday native time. The area’s largest monetary establishments — except for China’s state-owned behemoths — noticed their inventory fall. Buyers flocked to safe-haven belongings akin to gold and authorities bonds. The Credit score Suisse announcement helped restrict a doable rout.