European stocks declined in early action on Monday, while U.S. stock futures were pointing higher after a turbulent weekend which saw another major bank collapse and a new rescue package get announced. The Stoxx Europe 600 SXXP, -1.17% fell 0.
9%, with every sector, including the banking sector, dropping. Shares of Credit Suisse CSGN, -5.81%, the most troubled of the major lenders, fell 4%, while HSBC Holdings HSBA, -1.69% slipped 1% after agreeing to buy the UK arm of SVB for just £1. Futures on the Dow Jones Industrial Average YM00, +0.54% rose 178 points.
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While the bailout may have seemed like a bailout I assure you it wasn't a bailout.