shares, data, news and earnings

Dan Scott, head of Vontobel Multi Asset, discusses the Credit Suisse crisis and says the bank “remains one of the world’s largest asset managers”.

Shares in Credit Suisse rose as much as 30% when European markets opened, but the gains pared to 18% around 9.15 London time.

Credit Suisse shares rose after the bank said it would borrow up to $54 million from the Swiss National Bank.

—Hannah Ward-Glenton

The weakest links in the banking sector are cracking, a strategist told CNBC’s “Squawk Box Europe” on Thursday.

Beat Wittmann, partner at Porta Advisors, discusses the crises facing Credit Suisse and Silicon Valley Bank, saying “now is really the time for politicians to restore confidence and liquidity in the system”.

European bank shares rose in early trading on news that Credit Suisse had secured a $54 billion lifeline from the Swiss National Bank.

Credit Suisse shares rose 30%, before paring gains to 23% around 8:25 a.m. London time. UBS followed, up 4.9%, Commerzbank rose 3.9%, Santander rose 3.%, shares in FinecoBank rose 3.4% and Barclays rose 3.3%.

Bank shares overall rose by 1.8 per cent.

—Hannah Ward-Glenton

Shares in Credit Suisse rose 30% shortly after the European market opened after the Swiss National Bank said it would provide a liquidity backstop for the bank as regulators tried to quell fears of a crisis in the banking sector.

European markets opened higher on Thursday as regional investors breathed a sigh of relief after the Swiss National Bank said it would provide a liquidity backstop to beleaguered bank Credit Suisse.

The pan-European Stoxx 600 index opened 1% higher. Most sectors and major exchanges opened positively, with gains led by a rally in banking stocks, which were up 2.8%. Oil and gas and retail stocks rose 1.6%.

—Hannah Ward-Glenton

The chairman of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that the recent market turmoil in the banking sector is “isolated” and stems from “a bit of panic.”

“If you look at how the whole banking sector has fallen, unfortunately, a lot of people were just looking for excuses … there’s panic, a little bit of panic,” Ammar Al Khudairy said on CNBC’s “Capital Connection.”

He added that Credit Suisse has not asked the Saudi National Bank for financial assistance.

“There have been no discussions with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘help’ came from, there have been no discussions since October,” he said.

His comments come after Credit Suisse announced it will borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank to bolster liquidity and investor confidence after the stock plunged on Wednesday.

– Jihye Lee

The Swiss franc continued to see volatility following developments around Credit Suisse – last strengthening 0.17% against the US dollar to pair earlier weakness after the lender announced it would borrow nearly $54 billion from the Swiss National Bank.

The Japanese yen also saw further strength, trading at 132.86 against the dollar. The Korean won strengthened 0.13% to 1,311.24 against the US dollar.

– Jihye Lee

Credit Suisse announced it will borrow up to 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a secured credit facility and a short-term liquidity facility.

The steps will “support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around the needs of its customers,” the company said in an announcement.

In addition, the bank is making a cash purchase offer for ten US dollar-denominated senior debt securities for a total consideration of up to $2.5 billion – as well as a separate offer for four euro-denominated senior debt securities for up to a total of 500 million euros, the company said.

Read more here.

– Jihye Lee

European markets are set to bounce back on Thursday after a tumultuous trading session on Wednesday that saw shares fall sharply.

Britain’s FTSE 100 index is expected to open 73 points higher at 7,405, Germany’s DAX 217 points higher at 14,947, France’s CAC up 118 points at 6,993 and Italy’s FTSE MIB up 443 points at 25,517, according to data from IG.

The European Central Bank’s latest monetary policy decision is in focus for European markets on Thursday. The central bank is expected to announce a 50 basis point interest rate hike, as signaled by ECB President Christine Lagarde earlier, as inflation remains high.

—Holly Ellyatt