- European and US equity futures rose, Asian stocks fell, and Treasuries fell on Thursday, as news that Credit Suisse Group AG would borrow money from Switzerland's central bank provided some relief to investors.
- Contracts for the Euro Stoxx 50 index rose more than 2% after Credit Suisse announced plans to borrow up to 50 billion Swiss francs ($54 billion) from a Swiss National Bank liquidity facility in order to raise debt.
- After a sharp selloff on Wednesday, the Swiss franc was stronger but still off its intraday high in volatile trade. The euro rose slightly ahead of the European Central Bank's expected rate hike later Thursday, with more investors now expecting a 25 basis point increase rather than a double-digit increase.
- Treasury yields at the short end of the curve rose about eight basis points after falling sharply the previous session. Australian and New Zealand yields fell, as did Japan's benchmark 10-year bond yield.
- Asian stocks recovered some of their earlier losses, but a regional index remained down by 1%. Japan's, Australia's, and Hong Kong's equity benchmarks all fell about 1.5%, with financial firms among the hardest hit in all three markets.
- The S&P 500 contract rose about 0.5% after the index fell 0.7% on Wednesday. Tech stocks provided a bright spot as traders began to forecast interest rates rising at a slower rate than previously expected. Nasdaq 100 futures rose Thursday after the benchmark gained for the third day in a row on Wednesday, thanks to gains in Netflix, Meta Platforms, Microsoft, and Amazon.
