The Nikkei 225 index of the Tokyo Stock Exchange closed down 0.80% at 27,010.61 points. The other Asian stock exchanges also suffered, however they reduced their losses following the news about the Swiss bank Credit Suisse. However, the Hong Kong Stock Exchange drops more than 2%, Shanghai loses more than 1%, Seoul -0.24%, Sydney -1.46%.
In particular, Credit Suisse’s announcement of its decision to borrow up to 50 billion Swiss francs from the central bank, Swiss National bank (SNB), has allowed Asian bank stocks to turn into positive territory or to reduce the declines previously suffered.
In particular, securities of Australian banks Commonwealth Bank of Australia and Westpac Banking recovered from the lows
e National Australia Bank.
The latest developments “will support Credit Suisse’s core business and clients as Credit Suisse takes the necessary steps to create a simpler, more client-focused bank,” Credit Suisse said in a statement.
Yesterday fears for the future of the Swiss bank, triggered by the statement of the largest shareholder Saudi National Bank, which excluded the option of providing further financial assistance to Credit Suisse, sank the CS stock, unleashing panic in all global markets , already grappling with the fear of a banking crisis after the collapse of US regional banks Silicon Valley Bank and Silvergate.