Nasdaq futures rise after bank rout, more economic data on tap
Nasdaq futures rose on Thursday as the Swiss central bank’s lifeline for Credit Suisse calmed global markets, with investors awaiting more economic data to assess the Federal Reserve’s monetary tightening path.
U.S.-listed shares of Credit Suisse rose 3% in premarket trading, after the bank secured a credit line of up to $54 billion from the Swiss National Bank to shore up liquidity and investor confidence, which had nosedived after the lender’s shares slumped on Wednesday.
Wall Street’s main indexes were under severe selling pressure in the previous session after troubles at Credit Suisse reignited fears of a banking crisis, which had eased following emergency measures by U.S. authorities after the collapse of SVB Financial (SIVB.O) and Signature Bank (SBNY.O).
“We believe fears about bank solvency are overdone, and most banks retain strong liquidity positions,” Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a note.
This report’s information was first seen on REUTERS; to read more, click this link.
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