3 Hours Ago
UBS shares tick higher after completed Credit Suisse takeover
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 hastily arranged in March, facilitated by regulators, amid concerns that severe 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 UBS must shoulder as part of the deal, as it absorbs the more risk-heavy business.
UBS said Monday it expected “significant” restructuring charges and Credit Suisse operating losses to be offset by reductions in risk-weighted assets.
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UBS Group share price.
3 Hours Ago
Europe stocks open higher
European stock markets opened higher Monday, with the regional Stoxx 600 index up 0.4% at 8:10 a.m. London time.
Household goods led gains with a 1% uptick, 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 await the European Central Bank’s monetary policy meeting Thursday, while the U.K.’s commodity-heavy FTSE 100 was up 0.15%.
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Stoxx 600 index.
10 Hours Ago
CNBC Pro: Analysts are super bearish on these 13 global stocks and expect them to sink
10 Hours Ago
CNBC Pro: Wells Fargo strategist warns investors not to ‘chase this equity rally’ as Fed meeting looms
There’s a risk that stocks will go downhill from here, says Paul Christopher, head of global market strategy at Wells Fargo Investment Institute.
“There is likely more downside risk in stocks at this point (a.k.a. Don’t chase this equity rally),” he told CNBC. “Markets are too complacent in our opinion.”
He explains why.
CNBC Pro subscribers can read more here.
— Weizhen Tan
7 Hours Ago
European markets: Here are the opening calls
European markets are expected to open higher Monday as investors prepare for a week of key central bank meetings in the U.S. and Europe.
The U.K.’s FTSE 100 index is expected to open 34 points higher at 7,591, Germany’s DAX 56 points higher at 16,001, France’s CAC 26 points higher at 7,230 and Italy’s FTSE MIB 76 points higher at 27,259, according to data from IG.
There are no major earnings or data releases today.
— Holly Ellyatt
