Asian Markets Rebound on Wall Street's Banking System Support

Asian markets ended a tumultuous week with a risk rally, extending the optimism from Wall Street. The European Central Bank delivered a 50 basis point rate hike, and the Swiss National Bank provided massive support for Credit Suisse Group AG, sending the troubled lender's shares 20% higher. Data showed that banks sought record amounts of emergency liquidity from the Federal Reserve over recent days, underscoring the scale of stress in the financial system. Markets are back to overwhelmingly pricing in another 25 basis point hike from the U.S. Federal Reserve at its meeting next week, though there is a 20% chance of the Fed pausing instead.