Markets on alert after US banks join forces to rescue First Republic | First Thing

Global shares rise as $30bn lifeline for US bank eases fears of imminent collapse and Treasury secretary, Janet Yellen, says US banking system is sound'. Plus, a 5,000-mile stinking blob of seaweed heads to Florida

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Good morning.

Some calm has returned to financial markets at the end of a turbulent week, but investors remain wary. Asian shares have risen as help for struggling banks, such as the $30bn lifeline for First Republic Bank in the US, has eased banking crisis fears.

What is happening with Credit Suisse? US investors in Credit Suisse have hit the beleaguered Swiss bank with legal action, claiming it overstated its prospects before this week's share crash. The lender suffered a rapid sell-off, with shares plunging on Wednesday by as much as 30% at one point after comments from Credit Suisse's largest shareholder, Saudi National Bank. Credit Suisse shares shed earlier gains this morning and fell 4%.

What is the US government saying about the crisis? Before the latest news Yellen assured Congress on Thursday that the US banking system was sound". She told the Senate finance committee: I can reassure the members of the committee that our banking system is sound, and that Americans can feel confident that their deposits will be there when they need them."

Who knew about where the money came from? According to documents and emails reviewed by the Guardian and interviews with several people familiar with the payments, the knowledge about the $8m being potentially problematic stretched across a number of top executives at Trump Media.