UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.
UBS Group AG shares fell 8.8% after it agreed to buy Credit Suisse Group AG in a historic, government-brokered deal.
Gold rose above $2,000 an ounce for the first time in more than a year after banking crises in the US and Europe triggered a return to haven buying.
Several Chinese data vendors are showing or will soon start to show bond quotes from all six of the country’s fixed-income brokers, wider distribution than before a sudden suspension of data feeds last week rocked the nation’s $21 trillion debt market.
Credit Suisse Group AG, once one of the stalwarts of the global financial system, is no more.
News that roughly $17 billion of Credit Suisse Group AG’s AT1 bonds are set to be wiped out rattled global markets and sent similar debt tumbling in Asian trading Monday. But such risks were clearly stated by the bank when issuing its debt.
The European Central Bank’s decision to move ahead with a 50 basis-point increase in interest rates last week in a context of market instability shows the institution is confident in the region’s banks, Governing Council member Francois Villeroy de Galhau said.
Credit Suisse Group AG’s top shareholder has seen the value of its investment plummet by about $1 billion in a matter of months, making it one of the biggest losers in the saga that culminated in UBS Group AG agreeing to acquire the troubled lender.
(Bloomberg) — The European Central Bank must fight inflation until the job is done, while acknowledging the rising risk of pushing interest rates too high as the peak nears, Governing Council member Martins Kazaks said.
Italy took a key step toward securing energy independence from Russia with the arrival of a new facility to import liquefied natural gas.
