Live updates: Credit Suisse to tap up to $53.7B in loans; Asian markets down amid unease
Credit Suisse said earlier Thursday that it will borrow up to $53.7 billion. Switzerland’s central bank to support its businesses, as the collapse of a Silicon Valley bank deepens the market contagion and global authorities scramble to avoid a repeat of the 2008 financial crisis. The troubled Swiss bank is much larger and more embedded in the global financial system. More than SVB And Signature Bank of New York.
Asian equities were sold off, with Hong Kong’s Hang Seng index and Japan’s bank-heavy Topics falling 1.55 percent and 1.29 percent, respectively, around midday local time. The region’s biggest financial institutions — barring China’s state-owned behemoths — saw their stocks fall. Investors turned to safe-haven assets such as gold and government bonds. Credit Suisse’s announcement helped narrow the possible path.