Shares in Credit Suisse Rebound and jump 22% today in the early hours of trading. This move comes after the Swiss National Bank states it would be providing $54bn worth of additional liquidity to repurchase some debt. Credit Suisse also reposted a CNBC where the Saudi National Bank stated the panic regarding the Swiss lender is "unwarranted".
Could this be a desperate move to shore up some confidence or is the panic really unwarranted?
Credit Default swaps for CS have been reaching panic level and their bonds have been downgraded to junk. This had lead to the the European banking index to be falling. The timing for this is especially important as today is the day ECB announces its Rate hike decision.
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