Credit Suisse shares jumped over 20 per cent on Thursday after Switzerland's central bank stepped in to support the lender, triggering a rally in bank stocks across Europe on easing investor concern about a looming global banking crisis.
The move helped stem heavy selling in financial markets in Asia and sent European bank stocks rallying.
Credit Suisse shares surged by as much as 32 per cent in the first few minutes of trade on news of the lifeline, and were last up 24 per cent in heavy volume, reversing some of the losses that stripped off a quarter of its market value the day before. According to Refinitiv data, Credit Suisse shares were changing hands at a rate of 33.27 million per hour, the fastest on record.
The Euro Stoxx Banks Index climbed 2.1 per cent at 8.53am in Paris after tumbling 8.4 per cent on Wednesday, the most since March 2020. The broader Stoxx 600 Banks Index gained 1.9 per cent.
Credit-default swaps showed easing tension in debt markets.
Credit Suisse's senior unsecured euro-denominated bonds due March 2029 recovered almost half of Wednesday's losses, according to data compiled by Bloomberg.
Credit Suisse tapped the Swiss National Bank (SNB) for as much as 50 billion francs (S$73 billion) and offered to repurchase debt.
هذه القصة مأخوذة من طبعة March 17, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة March 17, 2023 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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