39 minutes ago
European bank stocks fell
36 minutes ago
European stocks open lower
European shares fell in early trade as investors assessed a news-filled weekend that led to UBS’ takeover of Credit Suisse.
The Stoxx 600 was down 1.4% at 8:30 am London time, with losses across major stock exchanges and in all sectors except utilities.
Stoxx 600 index.
one hour ago
Credit Suisse fell 62% in Julius Baer’s pre-market trade
Shares of Credit Suisse fell 61.95% in pre-market trading via private bank Julius Baer, Reuters reported at 8:14 a.m. CET, following news of the former lender’s takeover by UBS.
UBS Group shares lost 7.1%.
Credit Suisse has until the Swiss market open at 9:00 am CET to suspend trading in its shares. You haven’t done that yet.
“With the acquisition of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said of the deal at the end of the week.
Credit Suisse shares fell 25.5 percent last week.
Credit Suisse share price.
7 hours ago
CNBC Pro: Is it time to buy into the 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 on the rise? Market professionals urge caution — but they think some stocks will outperform.
CNBC Pro subscribers can read more here.
– Wizen tan
10 hours ago
UBS buys Credit Suisse in a $3.2 billion acquisition
UBS has finalized an agreement to buy rival Credit Suisse for $3.2 billion. Swiss regulators played a key role in facilitating the deal in an effort to quell a contagion threatening the banking sector.
Credit Suisse witnessed a decline in its shares last week after the largest investor, the Saudi National Bank, refused to provide additional financing. Despite subsequent actions from Credit Suisse and Swiss regulators to assuage investor fears – Including a loan of up to 50 billion Swiss francs ($54 billion) – Shares fell 25.5% by the end of the week.
Under the deal, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held. According to UBS, the joint bank will have $5 trillion in invested assets.
– Hakyung Kim
8 hours ago
CNBC Pro: From Tesla to under-the-radar battery stocks: Wall Street has a playbook for the electric car boom
The opportunity in global electric vehicles is enormous, with the European market alone set to be worth $300 billion by 2030, Bernstein estimates.
While electric automakers may be an obvious gamer, Wall Street analysts have named a slew of stock picks across a range of sectors as a way to capitalize on them.
Professional subscribers can read more here.
– Xavier 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.
The UK’s FTSE 100 is expected to settle at 7,331, Germany’s DAX is up 10 points at 14,773, France’s CAC is down 2 points at 6,924, and Italy’s FTSE MIB is down 59 points at 24,928, according to data from IG.
On the data front, Eurozone trade balance figures for January are due.
– Holly Elliott
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