Investors are on edge after shares of Credit Suisse fell to about $2 a share and the Swiss National Bank said it would provide liquidity, if needed.
Investors remain on edge about the potential for more banking turmoil to unfold after shares of Credit Suisse fell to about $2 a share on Wednesday and the Swiss National Bank said it would provide liquidity, if needed.
“Credit Suisse is front-and-center,” said Jeff Schulze, investment strategist at ClearBridge Investments, by phone Wednesday after markets closed in New York.The promised liquidity backstop for Credit Suisse CS “will go a long way, and provide calm to this eruption of volatility,” he said. “But I don’t think we are out of the woods yet.”
As evidence of jitters, Catrambone pointed to big moves Wednesday across markets, including front-end Treasury rates, with the 2-year yield TMUBMUSD02Y tumbling to 3.97% on Wednesday from a one-year high of 5.06% a week ago. “This seems to be the Swiss version along those lines,” he said. “I think markets are looking for that confirmation, that we are not going to allow a large-scale bank failure that can spread to others.”
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