A rebound in Europe's battered banking shares was beginning to wane on Thursday, as a 50 billion Swiss franc ($53.94 billion) lifeline for beleaguered lender Credit Suisse teed up a pivotal European Central Bank interest rate decision.

European corporate treasurers were on alert on Thursday, with a German industry association warning against complacency and major companies saying they were closely monitoring developments in the global banking system.

Large U.S. banks have managed their exposure to Credit Suisse in recent months and view risks from the lender as contained so far, according to three industry sources on Wednesday who declined to be identified because of the sensitivity of the situation.

European Central Bank policymakers are meeting on Thursday amidst turmoil in financial markets that could force it to divert from plans for another hefty interest rate hike even though inflation remains too high.

Finance minister Jeremy Hunt presented less gloomy forecasts for Britain's economy at his Spring Budget on Wednesday.

In the wake of the collapse of Silicon Valley Bank that has shaken world markets, Nobel economics prize laureate Joseph Stiglitz told AFP that US authorities "did the right thing" to protect deposits but said the financial system needs a rethink.

Europe's stock markets and the euro slumped Wednesday on renewed fears of contagion following the collapse of Silicon Valley Bank.

Credit Suisse lost almost a quarter of its value on Wednesday, dropping to a new record low after its largest investor said it could not provide the Swiss bank with more financial assistance.

The U.K. Treasury, which facilitated the transaction alongside the Bank of England, said in a statement that the deal would protect the deposits of SVB U.K. clients.

Silicon Valley Bank's new Chief Executive Tim Mayopoulos on Tuesday urged the failed bank's top venture capital clients to move their deposits to its newly created bridge entity, people who attended a virtual meeting with him said.

British banks are not yet seeing a "flight to quality" in deposits among customers nervous about the safe-keeping of their money following the collapse of U.S.

Wall Street looked set to open higher on Tuesday after consumer prices in the world's largest economy rose in line with expectations, bolstering bets of a smaller interest rate hike by the Federal Reserve at its next meeting.

As the Federal Reserve seeks to calm financial markets following the collapse of Silicon Valley Bank, the cryptocurrency market is showing signs of resilience despite links to the crisis.

A look at the day ahead in Asian markets from Jamie McGeever.

Etsy on Monday resumed payments to merchants with Silicon Valley Bank accounts.

"With the SVB collapse, companies must understand they can take steps to protect their assets from failing banks by diversifying their banking relationships and conducting due diligence on their banking partners."

European stocks tanked Monday while US stocks fell as investors shrugged off global efforts to stem a fast-moving crisis emanating from the US banking sector.

The UK arm of failed US lender Silicon Valley Bank has been bought by HSBC for a nominal ?1 ($1.2) in a rescue deal, the government and HSBC announced Monday.

Major cryptocurrencies stabilised on Monday after U.S.

Government bond yields fell on Monday as investors rushed into safe-haven assets while assessing the possible fallout from Silicon Valley Bank's (SVB) collapse amid bets on less aggressive tightening from the U.S.

A would-be buyer for the UK arm of failed U.S. lender Silicon Valley Bank (SVB) stepped forward on Sunday as British Prime Minister Rishi Sunak said his government was working to limit any fallout for companies from the bank's demise.

The California-based SVB bank, which was closed by US authorities on Friday, manages the money of some of the UK's most promising businesses.

Technology executives, prominent venture capitalists and founders including OpenAI CEO Sam Altman raced this weekend to keep alive companies caught up in the collapse of Silicon Valley Bank.

SVB's demise a sign of worry, but limited contagion risk: analysts

The chief executive officer of failed Silicon Valley Bank, Greg Becker, is no longer on the board of directors at the Federal Reserve Bank of San Francisco.

Global stock markets sank Friday as banking shares faced a rout over contagion fears, while US jobs data was seen all but ensuring further aggressive interest rate hikes.

European bank shares tumbled on Friday in the wake of a dramatic sell-off in U.S. lenders as concern spread that the sector will be vulnerable to the rising cost of money.

A U.S. judge on Thursday ordered JPMorgan Chase & Co to hand over more documents concerning Chief Executive Jamie Dimon to the U.S. Virgin Islands.

The famous golfer and Erica Herman were together for six years.

Markets sank Wednesday, the dollar held big gains and oil struggled to recover from hefty losses after Federal Reserve boss Jerome Powell opened the door to a quicker pace of interest rate hikes as officials battle to tame inflation.