Credit Suisse lifeline helps global markets rise

An employee passes share price information displayed on an electronic ticker board inside the LSE in London on May 29 2019. Picture: Luke MacGregor/Bloomberg via Getty Images

The SNB confirmed on Thursday that it will provide “liquidity” to the lender. Credit Suisse, which said it is taking “decisive action”, will borrow up to Sf50bn from one of the world’s leading central banks. “I worry that the ECB is not going to pay enough attention to this risk and that could be a mistake,” said Stefan Gerlach, chief economist at EFG Bank in Zurich and a former deputy governor at Ireland’s central bank.

Germany's two-year bond yield, which is highly sensitive to rate expectations, was last up 16 basis points at 2.55% having plunged 54 bps on Wednesday in what had been a market-wide scramble for safety. “I think we're getting into the hard hat territory again,” said Damian Rooney, a dealer at Perth stockbroker Argonaut.

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