World markets set for relief after Credit Suisse buyout, central banks action

“To improve the swap lines’ effectiveness in providing U.S. dollar funding, the central banks currently offering U.S. dollar operations have agreed to increase the frequency of seven-day maturity operations from weekly to daily,” the Fed said in a statement issued alongside announcements from the Bank of Canada, Bank of England, Bank of Japan, European Central Bank and Swiss National Bank.

European banks slid almost 12 percent last week, their biggest weekly drop in just over a year, Japanese banks fell almost 11 percent – their biggest weekly drop since the March 2020 COVID-induced market turmoil – and U.S. bank shares have notched double-digit losses for two straight weeks.

Even after Sunday’s news on Credit Suisse, optimism from analysts was laced with caution and some skepticism.

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