Banking stocks and bonds tumbled as initial relief over a historic state-backed rescue of troubled lender Credit Suisse by Swiss rival UBS gave way to new worries about the risks of high-yield debt issued by big banks
Credit Suisse shares slumped 62% in premarket trade to a new low while UBS lost 7.1%. Those sharp moves followed a day of heavy selling in Asian financial markets as early investor optimism about official efforts to stem a banking crisis quickly evaporated.
"The reports that UBS is acquiring Credit Suisse will likely magnify Credit Suisse's problems by moving them to UBS." The Swiss banks' share tumble comes on top of what was already a rough day for banks, as investors shrugged off earlier promises by top central banks over the weekend to provide dollar liquidity to stabilise the financial system.
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Banking giant UBS is acquiring smaller rival Credit SuisseBanking giant UBS is acquiring its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss President Alain Berset announced on Sunday
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