Asian Stock Market: Risk aversion remains intact as fears of global banking crisis deepen, oil rebounds

Asian stocks are heavily battered further as global banking turmoil fears deepen after Credit Suisse’s debacle.Oil price has rebounded as the US has no further appetite to levy sanctions on Russia.

Dictation of ‘material weakness’ in internal controls of Credit Suisse’s financial reporting conveyed something ugly about the banking firm. The headline was followed by a blunt decline by the Saudi National Bank for infusing more funds into Credit Suisse, the leading investor in the Swiss banking firm, which accelerated fears of some internal financial issues and led to a nosedive move in the share price of Credit Suisse.

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