Credit Suisse and UBS stocks slide amid takeover deal and bailout talks.
TL;DR Summary
European stock markets opened lower on Monday, with the pan-European Stoxx 600 index down 0.6% and financial services falling 3.3%. Banks were 2.6% lower after UBS agreed to buy Credit Suisse for $3.2 billion, causing Credit Suisse shares to plunge 60% and UBS to fall 9.2%. The combined bank will have $5 trillion of invested assets. The Swiss National Bank said the deal would secure financial stability and protect the Swiss economy.
- Europe stocks lower; banks slide 4.8% as Credit Suisse and UBS fall on takeover deal CNBC
- Credit Suisse's Crisis Bloomberg Television
- USD/CHF marches towards 0.9300 amid sentiment ahead of Fed, SNB monetary policy meetings FXStreet
- And Now, a Credit Suisse Bailout - WSJ The Wall Street Journal
- UBS takeover of Credit Suisse and Swiss government's 100-billion franc backstop should contain the chaos Moneycontrol
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