- Small Quebec company dominates one part of NHL hockey: jerseys
- Boeing to cut 10% of workforce as it sees big Q3 loss
- Want to film in Paris? No sexism allowed
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Little progress at key meet ahead of COP29 climate summit
- 'Party atmosphere': Skygazers treated to another aurora show
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Thunberg leads pro-Palestinian, climate protest in Milan
- Stock markets diverge before China weekend briefing
- EU questions shopping app Temu over illegal products risk
- Han Kang's books sell out in South Korea after Nobel win
- Shanghai markets sink ahead of briefing on mixed day for Asia
- Investors, analysts eye bigger China stimulus at Saturday briefing
- Musk unveils robotaxi, pledges it 'before 2027'
- At least 11 dead in Florida but Hurricane Milton not as bad as feared
- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
Bank shares, oil prices slide despite Credit Suisse buyout
Global bank shares and oil prices slumped Monday as a UBS buyout of Credit Suisse and reassurances from financial authorities failed to calm investors spooked by a fresh crisis.
Europe's main stock markets steadied overall, however, helped by share-price gains for heavyweight miners and utilities.
Gold topped $2,000 per ounce for the first time in more than a year Monday on haven demand.
The precious metal, seen as a safe store of value in times of economic turmoil, reached $2,009.73.
It was the highest level since Russia launched its invasion of Ukraine just over one year ago.
"How much further gold can gain will largely be determined by how many more financial institutions have to be bailed out or fail in the coming days," noted Rupert Rowling, analyst at trading group Kinesis.
The $3.25-billion buyout of Credit Suisse, in which Switzerland's biggest bank UBS will take over the nation's second largest, was vital to prevent economic turmoil from spreading throughout the country and beyond, the government said Sunday.
But investors remained on edge, with shares in UBS and rivals sliding in Monday deals.
Credit Suisse opened almost 64 percent lower at 0.68 Swiss francs per share, well below the takeover price.
Asian stock markets closed sharply lower Monday.
- Oil drop -
Oil prices tumbled on fears the fallout would slow the global economy, which was already struggling to avoid recession as inflation remains elevated.
"If banks face tighter regulation and pressure to further improve their capital ratios, it could suggest that many consumers and businesses will find it harder to borrow money and that could feed into weaker economic activity," Russ Mould, investment director at AJ Bell, noted on Monday.
Shares in Credit Suisse and lenders worldwide had already sunk last week over concerns of contagion to the rest of the sector from the failure of US regional banks.
It came after the Swiss bank had been shaken by other scandals, including its exposure to the 2021 collapses of investment firms Archegos and Greensill.
Financial authorities have rushed to reassure despite the latest crisis.
The US Federal Reserve and other major central banks on Sunday announced a coordinated effort to improve banks' access to liquidity.
The European Central Bank on Monday described the continent's financial system as "resilient" with sufficient liquidity.
French Economy Minister Bruno Le Maire welcomed the "good deal" for Credit Suisse.
"At the same time... it's a heavyweight in Europe, so we will remain extremely vigilant about the reaction of the markets," he told the BFM TV channel.
- Eyes on Fed -
The losses came ahead of the Fed's policy meeting this week, with speculation mounting that it will pause its interest rate hikes to provide some stability to markets.
The more doveish Fed outlook weighed on the dollar.
The collapse this month of US regional lenders Silicon Valley Bank, Signature Bank and Silvergate sparked fears of contagion as worried customers withdrew cash.
It led US authorities last week to promise support for other lenders and depositors, while Wall Street titans including JP Morgan, Bank of America and Citigroup pledged to inject $30 billion into under-pressure lender First Republic Bank.
"Investors are likely keeping a look over their shoulder for the next disaster in a high-interest rate (and inflationary) environment, so at best we might see markets recover some of last week's losses," said analyst Matt Simpson at City Index.
- Key figures around 1015 GMT -
London - FTSE 100: DOWN 0.1 percent at 7,330.33 points
Frankfurt - DAX: UP 0.3 percent at 14,803.93
Paris - CAC 40: UP 0.2 percent at 6,936.44
EURO STOXX 50: UP 0.2 percent at 4,073.78
Tokyo - Nikkei 225: DOWN 1.4 percent at 26,945.67 (close)
Hong Kong - Hang Seng Index: DOWN 2.7 percent at 19,000.71 (close)
Shanghai - Composite: DOWN 0.5 percent at 3,234.91 (close)
New York - Dow: DOWN 1.2 percent at 31,861.98 (close)
Euro/dollar: UP at $1.0682 from $1.0671 on Friday
Pound/dollar: UP at $1.2197 from $1.2174
Euro/pound: DOWN at 87.57 pence from 87.59 pence
Dollar/yen: DOWN at 131.20 yen from 131.80 yen
West Texas Intermediate: DOWN 3.1 percent at $64.65 per barrel
Brent North Sea crude: DOWN 2.4 percent at $71.23 per barrel
burs/bcp/rfj/lcm/jmm
D.Philippon--CPN