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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 bac ....
Recruits and more experienced units are stretched as they try to encircle bakhmut. western analysts saying that it is a trap, a trap designed to weaken both wagner and it boss. just when wagner most needs the assumption of the russian military around bakhmut, it is curiously absent. russia s elite piling on the gruff outspoken oligarch. a commentator accused him of political ambitions and said that he was an incompetent commander adding that he has exposed the wagner fighters to a major risk of encircle. the kremlin has long tolerated him as a licensed disrupter, but if wagner is decimated in an unsuccessful bid to take bakhmut, he might find himself out in the cold. melissa bell, cnn, lviv. and in quick hits around the ....
Not proven to be true as they entered this fight. let s get more expert analysis now. cnn military analyst cedric leighton is with us. and the president of the global situation room, brett brewen joins us. colonel, let s start with that assessment from secretary of defense lloyd austin. it coincides with british intelligence saying that the kremlin was caught off guard by the scale and ferocity of the ukrainian resistance and that leads to belief that the strategy will shift for the russians. they will look at a war of attrition now, winning by any means necessary. what does that look like on the ground in ukraine? well, good morning. that is going to be one of the most terrible developments of this war frankly. i think as the secretary of defense mentioned and the british intelligence assessment also pointed to, it s very clear ....
Azol, that means it cuts off any access that ukraine has to the sea, and towards their exports, their ability to get resupplied from the military standpoint and it makes it far more difficult for ukraine to be a viable country if that area is taken over. so the event in mykolayiv is one in which they re using a strategy of encircle. and decimation as it goes forward. and what they ll be doing is further movement towards the west from that area towards odesa. the idea there, because odesa is the major port, is to cut everything off and go all the way to the romanian border. brett, we talked a little bit about the phone call between president biden and president xi of china. from an incentives perspective, china benefits from playing both sides, giving very sort of light criticism of the invasion, while ....
Doesn t appear that vladimir putin is eager for an off-ramp. it seems like he s moving towards, as the colonel pointed out, a strategy of more bloodshed. it does not. one of the things i think we have to be aware of and on the lookout for is putin, if he is going to drag this conflict out will also try to sow divisions and deplete the unity of the west and the nato alliance. so we also should be looking out for putin s efforts potentially even to open a second front in this conflict. it could be in a place like georgia or moldova where russia already has similar separatist regions and the question then becomes will nato, will the west stand up with the same level of support that we ve seen in ukraine? putin is a master of the art of ....