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Risk Appetite Improves As Credit Suisse Borrows CHF50bn From SNB

CROSS ASSET

Risk appetite is on the improve as headlines crossed that Credit Suisse is taking action to strengthen its liquidity position. The group will borrow up to CHF50bn from SNB, with other steps also highlighted.

  • EU equity futures have bounced 2%, while US equity futures are +0.40% in terms of eminis. Regional equities are paring losses.
  • US bond yields are firming, with the 2yr back to 3.93%, against earlier lows of 3.8150%. the 10yr is back to 3.50%.
  • This has seen a sharp turn around in yen sentiment. USD/JPY hit a low of 132.50 in earlier trade, but we are now back to 133.25. The USD is softer elsewhere, although NZD/USD remains a laggard.

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