Global Banking Crisis: Markets React to Credit Suisse Rescue and Yen Surge.
European bank shares recover from initial slump after Credit Suisse's emergency rescue by UBS, backed by unlimited funding pledges from central banks. Government bonds and gold rally as investors seek safety, but the scramble for safety subsides as markets digest the support efforts. The holders of Credit Suisse's riskiest tranche of bonds, known as AT1s, are the only investors not getting any compensation from the rescue. The European supervisors reassure European traders that Swiss authorities' actions aren't likely to be replicated in the European Union.