49 minutes ago
European bank stocks fell
Bank stocks fell at the open on Monday, with Credit Suisse and UBS leading decliners.
Bank stocks were down 2.75% at 9:17am London time, paring some losses.
Credit Suisse shares tumbled 58%, while UBS recovered slightly to trade down 9% at 9:17 a.m. London time.
Other banks also remained in the red, with ING Group, Deutsche Bank and Barclays all falling more than 5%.
– Katrina Bishop
46 minutes ago
European stock markets open lower
European stocks were lower in early trade as investors weighed in on a news-filled weekend that resulted in the acquisition of Credit Suisse by UPS.
The Stoxx 600 index was down 1.4% at 8:30 a.m. London time, with major bourses and all sectors baring losses.
Check out the chart…
Stoxx 600 Index.
An hour ago
Credit Suisse fell 62% in pre-market trading by Julius Baer
Credit Suisse shares fell 61.95% in pre-market trade via private bank Julius Baer, Reuters reported at 8:14 a.m. CET, following news of the former lender’s acquisition by UBS.
UBS Group shares lost 7.1%.
Credit Suisse is suspending trading of its shares until the Swiss market opens at 9:00 a.m. CET. Still haven’t done so.
“With the acquisition of Credit Suisse by UBS, a solution has been found to safeguard financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said of the deal over the weekend.
Credit Suisse shares fell 25.5% last week.
Check out the chart…
Credit Suisse Share Price
7 hours ago
CNBC Pro: Time to buy the tech rally? Hedge fund manager Don Niles and others reveal their top picks
The tech sector was a bright spot last week as the banking crisis rocked markets.
But is it time to buy on the rally? Market pros urge caution – but I think some stocks will outperform.
CNBC Pro subscribers can read more here.
– Weissen Don
10 hours ago
UBS buys Credit Suisse in $3.2 billion acquisition
UBS has 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 mitigate the contagion threatening the banking sector.
Credit Suisse’s shares fell last week after its biggest investor, the Saudi National Bank, declined to provide additional funding. Despite subsequent moves by Credit Suisse and Swiss regulators to allay investor fears — 50 billion Swiss francs ($54 billion) including debt — Shares fell 25.5% over the weekend.
Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. According to UBS, the combined bank will have $5 trillion in invested assets.
– Hakyung Kim
8 hours ago
CNBC Pro: From Tesla to Radar Battery Stocks: Wall Street Has Playbook for EV Boom
With the European market alone worth $300 billion by 2030, according to Bernstein’s estimates, the opportunity in global EVs is huge.
While EV automakers are an obvious play, Wall Street analysts have named stock picks in several sectors as a way to cash in.
Pro subscribers can read more here.
– Javier Ong
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.
UK’s FTSE 100 index is expected to end at 7,331, Germany’s DAX is expected to rise 10 points to 14,773, France’s CAC is expected to fall 2 points to 6,924 and Italy’s FTSE MIB is expected to drop 59 points to 24,928.
On the data front, Eurozone trade balance figures for January are due to be released.
– Holly Elliott