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Credit score Suisse mentioned early Thursday that it could borrow as much as $53.7 billion from Switzerland’s central financial institution to assist its enterprise, as market contagion from the collapse of Silicon Valley Financial institution deepens and world authorities look to keep away from a repeat of the 2008 monetary disaster. The troubled Swiss financial institution is way bigger and extra enmeshed within the world monetary system than SVB and Signature Financial institution of New York.
Asian equities offered off, with Hong Kong’s Hold Seng Index and Japan’s bank-heavy Topix down 1.55 and 1.29 p.c, respectively, as of about midday native time. Traders flocked to safe-haven property akin to gold and authorities bonds. The Credit score Suisse announcement helped restrict a doable rout.
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