Markets bounce back following rescue of Credit Suisse

said it was cutting about 1,700 delivery driver jobs and 170 head office roles after a slowdown in demand. Investors did not appear to be deterred by the move and its share price lifted by 1 per cent at the end of the day.customers expressed their disappointed after the supermarket told Clubcard holders it was cutting the value of rewards so that it could continue to keep prices low. Shares in the UK’s biggest supermarket lifted by 2.8 per cent.

Analysts said the Swiss government-backed takeover of Credit Suisse by UBS helped soothe concerns over European financial stability, even though a wipeout of some Credit Suisse bondholders has sent shock waves through bank debt markets. On the continent, the German Dax closed 1.75 per cent higher while the French Cac climbed 1.42 per cent.Wall Street’s main indexes climbed after the rescue of Credit Suisse calmed nerves about a bigger banking crisis, while investors awaited the outcome of the Federal Reserve’s monetary policy meet.

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