More than £75bn wiped off FTSE 100 amid Credit Suisse crisis

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More than £75bn was wiped off the FTSE 100 on Wednesday, as Swiss authorities stepped in to reassure panicked markets over the health of the embattled European banking giant Credit Suisse.

The Swiss central bank and its financial markets regulator issued a joint statement on Wednesday evening, pledging to provide emergency funding if necessary. They insisted there was no “direct risk” of contagion from turmoil in the US banking system, after the sudden collapse last week of the US lender Silicon Valley Bank.

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