Central banks try to calm markets after UBS deal to buy Credit Suisse

and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee and expected to close by the end of 2023.

S&P 500 and Nasdaq futures were each up 0.4%, both giving back some earlier gains. New Zealand dipped at the open and Australian shares opened with a 0.5% loss. The safe-haven dollar lost ground against sterling and the euro but was up versus the yen.“It’s a historic day in Switzerland, and a day frankly, we hoped, would not come,” UBS chair Colm Kelleher told analysts on a conference call.

Fed Chair Jerome Powell and US Treasury Secretary Janet Yellen welcomed the announcement by the Swiss authorities. The Bank of England also praised the Swiss.

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