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Shares in Credit Suisse rose as much as 30% when European markets opened, but gains were down 18% by 9.15am London time.

Credit Suisse shares rose after the bank said it would borrow up to $54 million from the Swiss National Bank.

– Hannah Ward-Glenton

European bank stocks rallied in early trade on news that Credit Suisse had secured a $54 billion lifeline from the Swiss National Bank.

Shares in Credit Suisse were up 30% at 8.25am London time. Followed by UBS 4.9%, Commerzbank 3.9%, Santander 3.%, shares of FinecoBank rose 3.4% and Barclays 3.3%.

Bank stocks rose 1.8% overall.

– Hannah Ward-Glenton

Shares in Credit Suisse jumped 30% as regulators tried to ease fears of a banking crisis after the Swiss National Bank said it would provide liquidity to the bank.

European markets opened higher on Thursday as regional investors breathed a sigh of relief after the Swiss National Bank said it would provide liquidity to stricken bank Credit Suisse.

The pan-European Stoxx 600 index opened 1% higher. Most sectors and major bourses opened on a positive note, with banking stocks up 2.8%. Oil and gas and retail stocks rose 1.6%.

– Hannah Ward-Glenton

The head of Credit Suisse’s largest shareholder, Saudi National Bank, told CNBC’s Hadley Gamble that recent market turmoil in the banking sector is “isolated” and stemming from “a bit of panic.”

“When you look at how the entire banking sector has collapsed, unfortunately, a lot of people are looking for excuses … it’s panic, a little bit of panic,” Ammar Al Qudhairy said on CNBC’s “Capital Connection.”

He added that Credit Suisse had not sought financial assistance from the Saudi National Bank.

“There is no discussion with Credit Suisse about providing assistance,” he said. “I don’t know where the word ‘help’ came from, there’s been no discussion since October,” he said.

His comments came after Credit Suisse announced it would borrow 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank, boosting liquidity and boosting investor confidence, after shares fell on Wednesday.

– Jihye Lee

The Swiss franc continued to see volatility following developments around Credit Suisse – and was last up 0.17% against the US dollar, weakening after the lender announced a nearly $54 billion loan from the Swiss National Bank.

The Japanese yen also strengthened further against the greenback to trade at 132.86. The Korean won 0.13% against the US dollar at 1,311.24.

– Jihye Lee

Credit Suisse announced it will borrow 50 billion Swiss francs ($53.69 billion) from the Swiss National Bank under a credit facility and short-term liquidity facility.

The moves will “support Credit Suisse’s core businesses and customers as Credit Suisse takes the necessary steps to create a simpler and more focused bank built around customer needs,” the company said in a statement. Notice.

In addition, the bank is making a cash tender offer in respect of ten US dollar-denominated senior debt securities for an aggregate consideration of up to $2.5 billion – as well as a separate offer of four euro-denominated senior debt securities for a total of up to 500. million euros, the company said.

Read more here.

– Jihye Lee

European markets closed sharply lower after a volatile trading session on Thursday.

UK’s FTSE 100 index is expected to rise 73 points to 7,405, Germany’s DAX is expected to rise 217 points to 14,947, France’s CAC is expected to rise 118 points to 6,993 and Italy’s FTSE MIB is expected to rise 443 points to 25,51.

The European Central Bank’s latest monetary policy decision is the focus of European markets on Thursday. As inflation continues to rise, the central bank is expected to announce a 50 basis point rate hike, as previously signaled by ECB President Christine Lagarde.

– Holly Elliott