UBS buys Credit Suisse, news, stocks
28 minutes ago
European bank shares plummet
25 minutes ago
European shares open lower
European stocks were lower in early trade as investors weighed a news-filled weekend that resulted in a UBS takeover of Credit Suisse.
The Stoxx 600 index was 1.4% lower at 08.30 London time, with losses on the major exchanges and in all sectors of utility companies.
See diagram…
Stoxx 600 index.
An hour ago
Credit Suisse down 62% in Julius Baer pre-market trading
Credit Suisse shares were down 61.95% in premarket trade via private bank Julius Baer, Reuters reported at 08:14 CET, following news of the former lender’s takeover of UBS.
The UBS Group share lost 7.1 percent.
Credit Suisse has until the Swiss market opens at 9:00 CET to cease trading in its shares. It has not yet done so.
“With the takeover of Credit Suisse by UBS, a solution has been found to ensure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said of the deal at the weekend.
Credit Suisse shares fell 25.5% last week.
See diagram…
Credit Suisse share price.
7 hours ago
CNBC Pro: Time to Buy Tech Rally? Hedge fund manager Dan Niles and others reveal their top picks
The technology sector was a bright spot last week as the banking crisis rocked the markets.
But is it time to buy into the rally? Market professionals urge caution – but believe some stocks are set to outperform.
CNBC Pro subscribers can read more here.
— Weizhen Tan
10 hours ago
UBS buys Credit Suisse in a $3.2 billion takeover
UBS finalized a deal to buy rival Credit Suisse for $3.2 billion. Swiss regulators played a key role in facilitating the deal in an effort to stem a contagion threatening the banking sector.
Credit Suisse saw its shares fall last week after its biggest investor, Saudi National Bank, refused to provide additional funding. Despite subsequent measures by Credit Suisse and Swiss regulators to calm investors’ fears — including a loan of up to 50 billion Swiss francs ($54 billion) — shares plunged 25.5% by the end of the week.
Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.
—Hakyung Kim
7 hours ago
CNBC Pro: From Tesla to under-the-radar battery stocks: Wall Street has a playbook for the EV boom
The opportunities in global electric cars are huge, with the European market alone set to be worth $300 billion by 2030, according to Bernstein estimates.
While EV makers may be an obvious play, Wall Street analysts have named a number of stock picks across a range of sectors as a way to make money.
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4 hours ago
European markets: Here are the opening calls
European markets are set to start the new trading week in mixed territory on Monday.
Britain’s FTSE 100 index is expected to be flat at 7,331, Germany’s DAX 10 points higher at 14,773, France’s CAC down 2 points at 6,924 and Italy’s FTSE MIB down 59 points at 24,928, according to data from IG.
On the data front, it is planned that the figures for the eurozone’s trade balance for January will be published.
—Holly Ellyatt
