7 Mins Ago
European banking stocks slide
4 Mins Ago
European stocks open lower
European stocks were lower in early trade as investors assessed a news-filled weekend that resulted in a UBS takeover of Credit Suisse.
The Stoxx 600 index was 1.4% lower at 8:30 a.m. London time, with losses across the major stock exchanges and in all sectors bar utilities.
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Stoxx 600 index.
An Hour Ago
Credit Suisse down 62% in Julius Baer pre-market trade
Credit Suisse shares were down 61.95% in pre-market trade 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 a.m. CET to suspend trading in its shares. It has yet to do so.
“With the takeover 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 over the weekend.
Credit Suisse shares fell 25.5% last week.
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Credit Suisse share price.
7 Hours Ago
CNBC Pro: Time to buy the tech rally? Hedge fund manager Dan Niles and others reveal their top picks
The tech sector was one bright spot last week as the banking crisis rocked markets.
But is it time to buy into the rally? Market pros urge caution — but think some stocks are set to outperform.
CNBC Pro subscribers can read more here.
— Weizhen Tan
10 Hours Ago
UBS buys Credit Suisse in $3.2 billion takeover
UBS finalized an agreement to buy its 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 saw its shares tumble last week after its largest investor, the Saudi National Bank, declined to provide additional funding. Despite subsequent measures from Credit Suisse and Swiss regulators to calm investors’ fears — including a loan of up to 50 billion Swiss francs ($54 billion) — shares plunged 25.5% by the end of the week.
Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares. The combined bank will have $5 trillion of invested assets, according to UBS.
— Hakyung Kim
7 Hours Ago
CNBC Pro: From Tesla to under-the-radar battery stocks: Wall Street has a playbook for the EV boom
The opportunity in global EVs is massive, with the European market alone set to be worth $300 billion by 2030, according to estimates from Bernstein.
While EV automakers may be an obvious play, Wall Street analysts have named a slew of stock picks across a range of sectors as a way to cash in.
Pro subscribers can read more here.
— Zavier Ong
3 Hours Ago
European markets: Here are the opening calls
European markets are set to start the new trading week in mixed territory Monday.
The U.K.’s FTSE 100 index is expected to be flat at 7,331, Germany’s DAX 10 points higher at 14,773, France’s CAC down 2 points at 6,924 and Italy’s FTSE MIB down 59 points at 24,928, according to data from IG.
On the data front, euro zone trade balance figures for January are set to be released.
— Holly Ellyatt
