Swiss Government Is Trying to Stabilize Credit Suisse

The Swiss Government is exploring measures to stabilize Credit Suisse, including a public statement and potential liquidity support. This situation is affecting markets globally, including in Europe, the US, and the commodities sector. WTI crude oil prices have dropped significantly, erasing gains from 2023 and 2022, due to balance sheet risks and delta hedging by banks.

What is the significance of the liquidity backstop mentioned in the text?

What does the text suggest about the overall market sentiment in Europe and the United States?