Rolling coverage of the latest economic and financial news, as troubled Credit Suisse gets central bank support to stem crisis rocking financial markets
European bank shares are rallying, with an index of Europe’s bank stocks jumping 3.3% at the start of trading.
Credit Suisse’s decision to borrow up to 50bn Swiss francs from Switzerland’s central bank is “staunching worries about a bigger run on Credit Suisse”, and the impact on other banks around the world, says Susannah Streeter, head of money and markets at Hargreaves Lansdown.
For now, the move has restored a little stability to global markets, with the S&P 500 regaining ground, once it appeared the Swiss National Bank was standing by to help.
Nerves are still frayed though and that has been evident during trade in Asia.