Global markets react to Credit Suisse deal as fears hit bank stocks
Shares in Credit Suisse surged on Thursday after it agreed to a $53 billion loan from the Swiss central bank.
Troubles at Switzerland's second-biggest lender have sparked fears that banking turmoil is spreading around the world after the failure of two US banks. Yet the European Central Bank hiked rates by a half point to fight inflation, sending a signal that central banks like the Federal Reserve may not budge in their rate hiking campaigns.
Chinese bank stocks advanced, even as other Asian stocks plunged Thursday. Meanwhile, Europe’s main markets moved higher after news of Swiss central bank's financial support to Credit Suisse. US stocks moved higher after reports that First Republic could reach a deal to shore up its access to cash.