September 21, 2023

Wire Service Canada

Complete Canadian News World

Credit Suisse lends up to 50 billion from the SNB: a record 40% increase

Credit Suisse lends up to 50 billion from the SNB: a record 40% increase

Extraordinary meeting of the Swiss government

The Swiss Federal Council, the executive body of the government of the Swiss Confederation, is holding an extraordinary meeting today regarding the current situation of Credit Suisse. This was reported by the Swiss financial news agency Awp, explaining that it is not clear if decisions will be taken today. The next meeting of the Federal Council was scheduled to be held tomorrow, but the government saw that the meeting was urgent immediately.

Credit Suisse heads to the Zurich Stock Exchange

Credit Suisse is heading to the Zurich Stock Exchange as it posted a record 40% increase after the decision to borrow 50 billion francs ($54 billion) from the Swiss central bank.

Bursa, positive start in Europe: Frankfurt +1.62%

A good start for European stock exchanges in the wake of the panic-related meltdown at Credit Suisse. Frankfurt rose 1.62% at the opening, Paris 1.64% at the start and London rose 1.35%.

Credit Suisse growth of 35% in the pre-market phase

Bloomberg reports. The stock fell 24 percent yesterday after the Saudi Arabian Bank, its shareholder, said it would not inject more capital unless the rules restricting its stake to 10 percent were changed. To reassure the markets, the Swiss Bank announced its readiness to borrow up to $54 billion from the Central Bank in Zurich to face the confidence crisis, to buy back its bonds for $3 billion.

Stock Markets, Weak Asia: We Look to the European Central Bank

A heavy session, but without the collapse of the Asian stock exchanges, in line with the closing of Wall Street on Wednesday, and with the rise in European futures contracts, awaiting the European Central Bank’s decision on interest rates. Markets continue to be rocked by Credit Suisse even though the Swiss banking group announced tonight that it will borrow up to $54 billion from the Swiss central bank and buy back $3 billion in debt. Interest remains high on US regional banks due to the frightening domino effect of Svb’s bankruptcy, while one of the institutions targeted by investors, First Republic, is evaluating various options, including a sale. Sydney fell 1.46%, and Tokyo lost 0.80%. Chinese listings in Hong Kong (-1.8% as the market remains open), Shanghai (-1.1%) and Shenzhen (-1.5%) were heaviest. Seoul tied (-0.08%) (ANSA).

READ  Borsa Italiana, suspension of April 28, 2023 hearing