European stocks close higher after turbulent session

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 90%

United States News News

United States United States Latest News,United States United States Headlines

The pan-European STOXX 600 index gained 1.0 per cent. UBS rose 1.3 per cent after falling as much as 16 per cent in a volatile session.

European stocks reversed sharp early losses and rose on Monday as banking stocks rebounded from three-month lows sparked byThe pan-European STOXX 600 index gained 1.0 per cent by the close, after having fallen nearly 2 per cent earlier in the day.UBS +1.3% Deutsche Bank -0.5% BNP Paribas +1.7%Banking shares rose 1.3 per cent after UBS Group’s state-backed takeover of Credit Suisse appeared to close off one source of worry about the global banking sector.

Credit Suisse shares slumped 55.7 per cent after rival UBS said it will pay 3 billion Swiss francs for the 167-year-old bank and assume up to $US5.4 billion in losses.Shares of UBS rose 1.3 per cent after falling as much as 16 per cent in a volatile session. , angering some of the holders of the debt who thought they would be better protected than shareholders.

“If you look at the seniority of both, equity holders should be the first ones to lose their money. Now doubt has been cast on this principle ... markets participants are confused and the decision comes with a lot of uncertainty.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bank shares slide after UBS agrees ‘emergency rescue’ of Credit Suisse – business liveEuropean supervisors have tried to settle markets and stop a rout in the market for convertible bank bonds on Monday, as investors digest Credit Suisse rescue deal
Source: GuardianAus - 🏆 1. / 98 Read more »

Hong Kong stocks hit three-month low on bank contagion fearsHong Kong’s benchmark Hang Seng Index slumped 2.7 per cent; the Shanghai Composite Index lost about 0.5 per cent.
Source: FinancialReview - 🏆 2. / 90 Read more »