and other major central banks came out with statements to reassure markets that have been walloped by a banking crisis that started with the collapse of two regional U.S. banks earlier this month.
S&P 500 and Nasdaq futures were each up 0.4%, both giving back some earlier gains. New Zealand dipped at the open and Australian shares opened with a 0.5% loss. The safe-haven dollar lost ground against Sterling and the euro but was up versus the yen."It's a historic day in Switzerland, and a day frankly, we hoped, would not come," UBS Chair Colm Kelleher told analysts on a conference call. "I would like to make it clear that while we did not initiate discussions, we believe that this transaction is financially attractive for UBS shareholders," Kelleher said.
In a global response not seen since the height of the pandemic, the Fed said it had joined with central banks in Canada, England, Japan, the EU and Switzerland in a coordinated action to. The ECB vowed to support euro zone banks with loans if needed, adding the Swiss rescue of Credit Suisse was "instrumental" for restoring calm.
Fed Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen welcomed the announcement by the Swiss authorities.
History repeating.
...and now UBS is falling!!! I wonder who's gonna buy UBS to 'save them' and fall next.
Banks don’t sell anything but debt
Who will take over all the customers, the villains and oligarchs from CS?
Not really because the swiss state will take the losses, because they give tax reductions in spread over the next decade for UBS so they don’t really lose anything. We just end up with a even more system relevant bank, which will be massive.
How much loss did UBS report? This is just turning out to be more mess than what meets the eye! CreditSuisse Credit_Suisse
'CS tells staff: Bonus will be paid, go back to work' lol
This substance of Credit Swiss, taken over by UBS at an unfair value, will still hurt her. The cheated shareholders and small investors will also distance themselves from it in the future - let alone the large investors from the Gulf, who have also been tricked.
This is putting lipstick on a pig.