Good morning contrarians! Stocks are recovering a bit on news Credit Suisse ($CS
) is ‘pre-emptively’ tapping liquidity provisions supplied by the Swiss government…
The CS stuff was kicked off by its largest shareholder, the Saudi National Bank, stating it was prohibited from making further investments and the other banks sold off on counterparty concerns. Nothing about hold-to-maturity (HTM) securities or the like — that we know of.
More on this developing situation in today’s briefing/podcast, now available to premium subscribers here: