Japan -1.16%.
China -0.23%. PBOC LPR setting: 1-year and 5-year both unchanged, as expected.
Hong Kong -2.90%.
Australia -1.38%.
India -0.88%.
On Friday, U.S. stocks fell to round off a roller coaster week as investors pulled back from positions in First Republic and other bank shares amid lingering concerns over the state of the U.S. banking sector. The Dow Jones dropped 384.57 points to close at 31,861.98 and the S&P 500 retreated 43.64 points to end at 3,916.64. The slide in the Nasdaq concluded trading at 11,630.51, falling 86.76 points on the day.
Switzerland’s largest bank, UBS, announced late on Sunday it will buy the country’s No. 2 lender Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee. Following the announcement, the U.S. Federal Reserve, European Central Bank and other major central banks pledged to enhance market liquidity and support other banks.
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world’s largest central banks sought to reassure and stabilize global financial markets.
Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December.
U.S. West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6%, after a 13% decline last week, its biggest since last April.
Gold prices dropped on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to stabilize global financial markets.
Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. U.S. gold futures rose 0.3% to $1,978.40.
Spot silver dipped 1.2% to $22.32 per ounce, platinum fell 0.6% to $970.27 and palladium was 0.4% lower at $1,414.10.
US futures mostly lower. Dow Jones -0.21%; S&P 500 -0.01%; Nasdaq +0.09%.
See previous Seeking Alpha coverage of Credit Suisse:
UBS confirms deal to acquire Credit Suisse for $3.25B in stock
Earlier, Bloomberg reported that UBS agreed to buy Credit Suisse for ~$2B
Credit Suisse was said to oppose $1B UBS takeover
On March 17, USB was reported to be in talks to take over Credit Suisse
Some banks were said to be limiting trades with Credit Suisse
Credit Suisse stock initially jumped on March 16 when it said it obtained a $54B loan from the Swiss National Bank
On March 15, the Switzerland’s central bank said it would provide Credit Suisse with liquidity if needed
Seeking Alpha contributor IP Banking Research on March 18 discussed implications of a CS/UBS shotgun wedding.
