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Measures of implied volatility are beginning to subside after the collapse of Silicon Valley Bank triggered a week-long spasm in financial markets and led to a wholesale repricing in global interest rates. European bank shares are rallying, North American equity indices are setting up for a stable open, Treasury yields are up, and the dollar is down. Oil is climbing off the 15-month lows reached during yesterday’s session Credit Suisse shares gained more than 20 percent at the open this morningafter it offered to repurchase debt with up to 50 billion francs borrowed from the Swiss National Bank. The move is expected to...

World markets are coming under renewed selling pressure this morningas signs of a banking contagion spread to Europe. Equity futures are setting up for drastic losses at the open, Treasury yields are down across the curve, and the dollar is pushing higher against its G10 rivals. Oil prices are tumbling, with the West Texas Intermediate benchmark slipping below $70 for the first time since September 2021.  A fragile sense of calm was broken when shares in Credit Suisse Group AG plunged and credit default swap prices shot up after it said “material weaknesses” had been found in its reporting. Selling worsened when the head...