Credit Suisse is being sued by its shareholders over its recent troubles as the world banking system remains in turmoil.
The Swiss lender has been accused of making “materially false and misleading statements” in its 2021 annual report in the US lawsuit.
Meanwhile, a group of Wall Street’s largest lenders on Thursday propped up crisis-hit Californian lender First Republic in a $30bn deal, as the fallout from the collapse of SVB continued.
5 things to start your day
1) Wall Street giants rescue US bank First Republic in $30bn deal | US stock markets rally on reports of an intervention as SVB fallout continues
2) Payments providers targeted with crackdown to prevent fresh crisis | City watchdog orders chief executives to strengthen financial controls amid market turmoil
3) Four-day week bank seeks £150m in new funding | Atom Bank reportedly approaches investors after raising £30m in November
4) Wind farms to be blocked from keeping excessive profits | Jeremy Hunt closes loophole that allowed turbine owners to benefit from surging prices
5) John Lewis issues job cuts warning and scraps staff bonus as losses balloon | Retailer to focus on cost-cutting and efficiency as it finds itself £230m in the red
What happened overnight
Asian markets rose on Friday, tracking a rally on Wall Street after a group of big banks offered a lifeline to First Republic Bank, the lender investors had focused on in their latest hunt for troubles in the banking industry.
Hong Kong rose more than 1pc while Tokyo, Shanghai, Sydney, Seoul, Taipei, Manila and Jakarta were also in the green.
Japan’s markets have closed higher, with the benchmark Nikkei 225 index gaining 1.2pc to 27,333.79, while the broader Topix index climbed 1.2pc to 1,959.42.
US equities ended higher on Thursday after crisis-hit Californian bank First Republic secured a $30bn rescue package from Wall Street’s largest lenders, causing the shares of embattled US regional banks to rebound.
The Dow Jones Industrial Average climbed 371.98 points or 1.2pc to 32,246.55.
The broad-based S&P 500 closed at 3,960.28, gaining 68.35 points or 1.8pc. The tech-rich Nasdaq Composite gained 283.23 points or 2.5pc to 11,717.28.
Two-year Treasury yields rose back above 4pc, as the European Central Bank’s surprise decision to increase interest rates despite the Credit Suisse chaos raised expectations that the Federal Reserve will follow suit next week.
The yield on benchmark 10-year Treasury rose 11 basis points to 3.57pc.
