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Risk Undergoes Minor Bid on Report Swiss Government Under Pressure to Act on Credit Suisse

CROSS ASSET
  • Reuters report that the Swiss Government are facing pressure from at least one major government to intervene on Credit Suisse, according to a source. Risk seems to a get a minor bid on that headline, with EUR/JPY and the e-mini S&P recovering off lows: e-mini S&P adds around 10 points, while EURJPY bounced around 30 pips before stabilising.
  • Not much more in terms of details beyond the headline - Reuters write that Switzerland is facing pressure from at least one major government to intervene on Credit Suisse in the coming hours given the systemic nature of the bank - and also touch on the earlier US Treasury comments: "The U.S. Treasury said it is monitoring the situation surrounding Credit Suisse and is in touch with global counterparts about it"
  • Also worth recalling that the French Finance Minister was supposed to be contacting his Swiss counterpart to discuss the situation surrounding Credit Suisse.

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