Asian markets fell on Thursday, but recovered most of their losses as the Credit Suisse crisis added to the region’s financial concerns.
The stock price of embattled Swiss bank Credit Suisse hit a new low on Wednesday for a second straight day after its top investor said it would not provide any further support.
At 9:34 a.m. (Bangkok time), the Hang Seng index in Hong Kong had fallen 1.62%, making it the region’s worst performer.
In Australia, the S&P/ASX 200 lost 1.55%, led by miners and the banking sector. Traders will also evaluate the economy’s unemployment rate.
As Japan’s February trade statistics came in worse than expected, the Nikkei 225 dipped 1.16%.
In South Korea, the Kospi was down marginally.
The Dow Jones Industrial Average and the S&P 500 both finished the night with significant losses. There was a tiny increase for the Nasdaq Composite, which was up 0.5%.
The Swiss National Bank has agreed to provide Credit Suisse a covered loan facility and a short-term liquidity facility in the amount of up to 50 billion Swiss francs ($53.69 billion).
The move “will support Credit Suisse’s core businesses and clients as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around client needs,” the company said in a statement.
Euro Stoxx 50 futures increased by over 2% after the Credit Suisse report.