Oil prices and global shares fell after UBS unveiled plans to buy its struggling Swiss rival Credit Suisse for $3.2 billion over the weekend.
Topline
European banks bank stocks slid Monday, reinvigorating concerns about the financial system as already-turbulent markets respond to Swiss banking giant UBS purchasing stricken rival Credit Suisse in an emergency deal brokered after the failure of two U.S. banks.Key Facts
Credit Suisse shares slid more than 60% at the start of trading on Monday morning in Zurich, continuing a poor streak that saw shares hit an all-time low last week.
UBS shares also dropped more than 9% in early trading.
Other leading European banks, including BNP Paribas, Société Générale, Santander and Deutsche Bank were also down between 3% and 6% on Monday morning.
They lead a broader market dip in Europe, with key indexes also down, including London’s FTSE 100 (0.8%), Germany’s Dax (0.35%), France’s CAC (0.3%) and Spain’s Ibex (1.04%).
The price of oil also hit its lowest level since December 2021, with Brent crude, a major international benchmark, falling 2.
