Asian markets rose on Friday, tracking New York and European equities, as traders welcomed multi-billion-dollar shows of support for troubled banks.
Traders globally have breathed a sigh of relief at steps to support struggling banks.BEIJING - Asian markets rose on Friday, tracking New York and European equities, as traders welcomed multi-billion-dollar shows of support for troubled banks aimed at soothing concerns about contagion in the sector.
"The actions of America's largest banks reflect their confidence in the country's banking system," the group of 11 banks said of a plan that was coordinated by US regulators. "Worries over the banking sector are easing after the big banks offer support to First Republic and as the SNB gave Credit Suisse a lifeline," said OANDA's Edward Moya.
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