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Stocks in Asia tumbled and US stock futures rose slightly after Swiss regulators struck a deal on Sunday to bail out Credit Suisse, which was on the verge of a disorderly bankruptcy that threatened to further shock global markets.
The takeover of Credit Suisse by UBS, Switzerland’s largest bank, should have softened the growing market concern about the state of the financial sector.
Futures for S&P 500 stocks, which give investors the opportunity to bet on the index before trading, rose. On Friday, the S&P 500 fell 1.1%, the sharpest drop in a week.
In Asia, the Nikkei fell slowly on Monday, trading about 1 percent lower at noon in Tokyo.
On Sunday, the Swiss Financial Market Supervisory Authority announced UBS’s acquisition of Switzerland’s oldest bank, Credit Suisse, for $3.2 billion. The country’s central bank, the Swiss National Bank, will provide UBS with a CHF100 billion loan to help it complete the takeover.
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