SINGAPORE, March 16 Reuters Markets took a moment39;s respite on Thursday after Credit Suisse said it would borrow as much as 50 billion francs 53.7 billion from the Swiss central bank to steady itself, but trade was very tense as investors worried where banking stress might show up next.

Asian shares fell but without the frenzied drops seen overnight in Europe. European futures were last up 2, while SP 500 futures rose 0.5.

Any relief was tinged with fear of what may go wrong next.

A week ago a startup lender in California failed and now a systemic bank in one of Europe39;s financial capitals is in enough trouble to seek authorities39; help. Credit Suisse shares dropped 24 on Wednesday.

Safe assets like bonds, gold and dollars were in favour.

I think we39;re getting into the hard hat territory again, said Damian Rooney, a dealer at Perth stockbroker Argonaut.

The word contagion is knocking about…we39;re getting fear across the whole board here, he said. The trouble is with the unwinding you don39;t know what you don39;t know.

MSCI39;s index of AsiaPacific shares outside Japan fell 1 to its lowest this year. Japan39;s bank shares recovered some even deeper early losses, but were last down 4 and the Nikkei dropped 1.3.

Insurers, banks, miners and consumer stocks were among the biggest losers across Asia39;s markets as worries grow that a potential credit crunch can worsen a looming economic slowdown.

Selling pressure eased for commodities and buying in gold,…