Credit Suisse unease prompts Asian markets to shudder: Live updates

Credit Suisse mentioned early Thursday that it might 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 Bank deepens and world authorities look to keep away from a repeat of the 2008 monetary disaster. The troubled Swiss financial institution is way bigger and extra enmeshed within the world monetary system than SVB and Signature Bank of New York.

Asian equities bought off, with Hong Kong’s Hang Seng Index and Japan’s bank-heavy Topix down 1.55 and 1.29 %, respectively, as of about midday native time. The area’s largest monetary establishments — excluding China’s state-owned behemoths — noticed their inventory fall. Investors flocked to safe-haven property resembling gold and authorities bonds. The Credit Suisse announcement helped restrict a potential rout.

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