By Amanda Cooper, Scott Murdoch and Tom Westbrook (Reuters) -Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector. In a package engineered by Swiss regulators on Sunday, UBS…
(Reuters) – UBS agreed to buy rival bank Credit Suisse for 3 billion Swiss francs ($3.23 billion) and assume up to $5.4 billion in losses, in a shotgun merger engineered by Swiss authorities. But banking stocks and bonds plummeted on Monday as confidence in the sector remained fragile. DEVELOPMENTS * In a global response not…
By Yantoultra Ngui, Summer Zhen and Selena Li SINGAPORE/HONG KONG (Reuters) – Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Late on Sunday, Swiss authorities capped a tense…
By Stefania Spezzati, Scott Murdoch and Tom Westbrook (Reuters) -Banking stocks tumbled on Monday as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS Group gave way to new worries about the risks of high-yield debt issued by big banks. In a package orchestrated by Swiss regulators on…
By Leika Kihara and Tetsushi Kajimoto TOKYO (Reuters) -Japan’s top government spokesperson said on Monday the banking system was stable, seeking to reassure markets the country won’t see a contagion from U.S. and European banking sector woes. Chief Cabinet Secretary Hirokazu Matsuno also welcomed Sunday’s decision by top central banks, including the Bank of Japan…
By Svea Herbst-Bayliss and Lawrence Delevingne NEW YORK/BOSTON (Reuters) – Hedge funds managers and other large investors believe it is far too soon to call an all-clear on turmoil in the global financial sector even after more than a week of financial lifelines, central bank assurances and a massive banking rescue deal. In the past…
SHANGHAI (Reuters) – China kept its benchmark lending rates unchanged for the seventh straight month in March, as expected, after the central bank surprised markets last week by moving to lower the amount of cash banks must set aside as reserves. Market watchers widely believe the need for more imminent monetary easing was reduced after…
LONDON/NEW YORK (Reuters) – UBS sealed a deal to buy rival Swiss bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday. Meanwhile, global central banks said they would open daily dollar taps to their banks. Here are comments from market analysts: JEFFERIES’ EUROPEAN ANALYSTS: “It’s…
By Florence Tan SINGAPORE (Reuters) – Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilise global financial markets. Brent crude futures rose 35 cents, or 0.5%, to $73.32 a…
By Tom Westbrook SINGAPORE (Reuters) – U.S. stock futures rose in Asian trade on Monday in relief at a weekend rescue deal for Credit Suisse, though the mood was nervous and financial shares remained under pressure from contagion fears, even with support from global central banks. S&P 500 futures rose 0.5% in bumpy early trade….
