TSX futures down as caution around Credit Suisse prevails

Futures for Canada’s main stock index fell on Thursday, as caution prevailed around financial stocks after Credit Suisse secured a lifeline from the Swiss central bank, while higher commodity prices helped cut losses.

Futures on the S&P/TSX index were down 0.2% at 6:56 a.m. ET (1056 GMT), while their U.S. counterparts were mixed.

Financials (.SPTTFS), Canada’s largest sector by weight, had lost nearly 2% in the previous session.

Financial markets around the world have been rattled by the swift collapse of U.S.-based Silicon Valley Bank and Signature Bank, with the recent drop in Credit Suisse’s (CSGN.S) stock only adding to concerns.

In a move to soothe markets, Credit Suisse said it would borrow up to $54 billion from Switzerland’s central bank to shore up liquidity and investor confidence.

Canada’s benchmark index (.GSPTSE) recorded its worst showing in over four months on Wednesday.

This report’s information was first seen on REUTERS; to read more, click this link.