Credit Suisse stock is soaring after the Swiss lender borrowed nearly $54 billion from the country’s central bank. Also in the No news:Deluges of rain in California have meant the end of drought restrictions for some Californians. And time to finish your brackets! Tonight is the first round in the NCAA men’s tournament.
Credit Suisse’s shares have soared after it announced a move to shore up its finances by borrowing up to $54 billion from the Swiss central bank. The borrowing has caused a massive swing Thursday after Credit Suisse’s shares plunged the day before when its biggest shareholder refused to put any more money into the Swiss lender.
Bigger picture: European banks are getting dragged into expanding fears about the banking system following the collapse of U.S. banks.
- Senate Republicans blame regulatorsfor failing to spot problems at Silicon Valley Bank before its collapse last week, as a slide in stocks underscored investor fears that other banks could be vulnerable in the aftermath of SVB.
- President Joe Biden is walking the linebetween taking aggressive enough measures to contain the damage while still reassuring investors and savers that the rest of the banking system is safe.
- Silicon Valley Bank, Signature Bankexecutives gave thousands to Democrats and Republicans with the most influence over their industry.
Keep reading: Is my money safe in the bank right now?