Stocks slide, safety shines as bank fears spread

Switzerland’s central bank pledged to fund Credit Suisse “if necessary,” which lifted Wall Street indexes from lows in afternoon trade, but the intervention isn’t exactly soothing market fears. The Swiss franc fell 2 percent in its steepest drop for seven years.In a joint statement, the Swiss financial regulator and the nation’s central bank said Credit Suisse “meets the capital and liquidity requirements imposed on systemically important banks.

The Bank of England was holding emergency talks with international counterparts the Telegraph newspaper reported on Wednesday. The Bank of England declined to comment. Money market pricing implies a less than a 20- percent chance of a 50 bp hike from the ECB, down from 90 percent a day earlier.Shares in big U.S. banks including JPMorgan Chase, Citigroup and Bank of America fell overnight, pushing the S&P 500 banking index down 3.62 percent.

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Wall Street down as Credit Suisse sparks fresh bank selloffU.S. stocks pared losses late on Wednesday but the Dow and S&P 500 still closed lower, as problems at Credit Suisse revived fears of a banking crisis, eclipsing bets on a smaller U.S. rate hike this month. | Reuters
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