turmoil is spreading. credit suisse will borrow almost $54 billion from swiss bank. the bank stock surging in the first few minutes of trading today in europe as shares plunged to a record low on wednesday after getting cut off by its biggest shareholder. anna stewart is live in london. markets are now open there. what is the latest? reporter: i think that we re seeing a bit of relief now on the european indices particularly with the banking stocks. let me show you how the european market opened. all the major indices are higher by around a percentage point led by the smi in switzerland. credit suisse closed down yesterday 24%. and today you will see share price is now up around 23%. i think some investors saw a little bit of value early this morning as a result of what the swiss central bank has decided which is that they would provide liquidity back stop and credit suisse have taken them up on that offer, $53 billion in terms of the loan. and they will be buying back arou
profit for 30 hours a week 30 weeks a year, stopping parents getting into full time work. the announcement was on the right direction, not quite enough we think but also not enough we think but also not enough cash behind it and the living standards, families are still set to get poorer. we will have still set to get poorer. we will have to still set to get poorer. we will have to leave - still set to get poorer. we will have to leave it there. drjeevun sandher. thank you for your thoughts. many of you have been in touch about the budget. we appreciate your views. about the budget. we appreciate yourviews. keep about the budget. we appreciate your views. keep them coming in. to switzerland now where credit suisse says it will borrow up to 50 billion swiss francs that is us $54 billion from the country s central bank to shore up its finances, describing it as taking decisive action . fears about the health of the lender have been rattling global markets, sending credit suisse s
lower, nasdaq looks set to open slightly in the positive. but we know anything can happen. stocks meantime closed mostly lower on wednesday, investors grappling with the crash of credit suisse stock. now saying that it will borrow 50 billion swiss francs. they closed tdown 24%. majorist u.s. banks also contin to get hammered. jp mor pchlt pmorgan fell almos. let s bring in brad mcbride, chief financial analyst. great to be with you. so we saw silicon valley bank and signature bank and now credit suisse borrowing more than 50 billion swiss francs to keep it afloat after afloat. we heard they met capital requirements and liquidity requirements. help us understand for viewers, are the incidents connected at