Shocked European bank shares had initially dropped 6% as Credit Suisse’s own shares slumped 63% and those of its acquirer, UBS, tumbled nearly 13%.īut the losses in banking shares were cut to 2.5% as investors digested the support efforts and the pace at which they had come, while the broader European Stoxx 600 index even managed to make it into positive territory. Sunday saw the most dramatic state intervention since the 2008 global financial crisis, with UBS buying Credit Suisse for Sf3bn ($3.2bn) in a shotgun wedding backstopped by unlimited funding pledges from the world’s top central banks. London - Europe’s bank shares fought back from an early slump on Monday and a cross-asset scramble for safety looked to have eased, as markets weighed up the implications of the emergency rescue of banking heavyweight Credit Suisse for the financial system.
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