47 Mins ago
UBS shares are higher after completion of acquisition of Credit Suisse
UBS shares rose 1.1% after the Swiss bank said it had completed the takeover of its former domestic rival Credit Suisse.
The deal was quickly arranged in March, facilitated by regulators, amid concerns that heavy losses at Credit Suisse would destabilize the banking system.
The Swiss government has agreed to cover losses of up to 9 billion Swiss francs ($10 billion) beyond an initial 5 billion Swiss francs that UBS must shoulder as part of the settlement, as it absorbs more of the risk business.
UBS said on Monday it expected “significant” restructuring charges and Credit Suisse’s operating losses to be offset by reductions in risk-weighted assets.
View Chart…
The share price of UBS Group.
An hour ago
European stocks open higher
The European stock market opened higher on Monday, with the regional Stoxx 600 index up 0.4% at 8:10 am London time.
Household goods led the gains with a 1% increase, as mining and oil and gas shares both traded around 0.8% lower.
Germany’s DAX and France’s CAC 40 were both 0.8% higher as investors awaited the European Central Bank’s monetary policy meeting on Thursday, while the UK’s commodity-heavy FTSE 100 rose 0.15% .
View Chart…
Stoxx 600 index.
7 Hours ago
CNBC Pro: Analysts are super bearish on these 13 global stocks and expect them to sink
7 Hours ago
CNBC Pro: Wells Fargo strategist warns investors not to ‘chase equity rally’ as Fed meeting approaches
There’s a risk stocks could go lower from here, said Paul Christopher, head of global market strategy at the Wells Fargo Investment Institute.
“There’s probably more downside risk in stocks at this point (aka Don’t chase this equity rally),” he told CNBC. “The markets are too complacent in our opinion.”
He explained why.
CNBC Pro subscribers can read more here.
— Weizhen Tan
4 hours ago
European markets: Here are the opening calls
European markets are expected to open higher on Monday as investors prepare for a week of key central bank meetings in the US and Europe.
The UK’s FTSE 100 index is expected to open 34 points higher at 7,591, Germany’s DAX is 56 points higher at 16,001, France’s CAC is 26 points higher at 7,230 and Italy’s FTSE MIB is 76 points higher than 27,259, according to data from IG.
No big earnings or data releases today.
— Holly Elliott