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Credit Suisse

 

The European stock markets responded, this Monday, March 20, with gains to the absorption of Credit Suisse bank by its competitor UBS, an optimism that many bank stocks rose despite persistent volatility.

After opening in red, the main European indices closed higher: Paris gained 1.27%, Frankfurt, 1.12%; London, 0.93%; Madrid, 1.31%; and Milan, 1.59%.

Among the rises in Europe was precisely UBS, which finally gained 1.26% after announcing the purchase of Credit Suisse for just over 3,200 million dollars. The share of the first Swiss banking entity had lost up to 15% of its value at the opening of the Zurich stock market.

Credit Suisse, for its part, sank 55.74% to 82 cents per share, above the 76 proposed by UBS in its purchase offer. Five years ago, his share was worth around 15 Swiss francs.

"There is still 'a lot of uncertainty' about how the situation will play out," said Jack Allen-Reynolds, euro zone economist at Capital Economics, who wonders where the current volatility could lead.

Banks, however, are not yet out of the woods: losses in the Eurostoxx 600 bank index rose to more than 13% last week and several large banks continued to fall, including Barclays (-2.29%), ING (-0 .66%), Deutsche Bank (-0.50%) or Société Générale (-0.83%), although others such as the Spanish BBVA and Santander closed in the green with gains of 3.23% and 2.77%, respectively.

The price of a barrel of Brent oil for delivery in May ended, this Monday, in the London futures market, at 73.79 dollars, 1.74% more than at the end of the previous session.

The North Sea crude oil, a reference in Europe and Colombia, ended the day on the International Exchange Futures with an increase of 1.26 dollars compared to the last negotiation, when it closed at 72.53 dollars.

The rise came after a calamitous start to the day when Brent plunged 2.5% to $70.70 amid continuing fears of a global banking crisis.

The price of intermediate oil from Texas (WTI), for its part, also rose 1.3% and closed at $67.64 a barrel, managing to stop the deep fall of 13% of the previous week, caused by the storm US and European banking

Wall Street closed this Monday in the green and the Dow Jones Industrials, its main indicator, rose 1.20%, when the banking turmoil that last week kept the stock markets in suspense seems to have calmed down.

At the close of operations, the Dow Jones rose 382.66 points, to 32,244.64 and the selective S&P did so by 0.89% or 34.97 points and rose to 3,951.56 integers. For its part, the composite index of the Nasdaq market, in which the main technology companies are listed, also rose, but to a lesser extent: 0.39% or 45.03 integers, to close at 11,675.54.

 

https://www.portafolio.co/economia/finanzas/mercados-y-bolsas-resultados-en-europa-asia-y-wall-street-hoy-lunes-20-de-marzo-de-2023-580145

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