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Asian stock exchanges in the red following the UBS-Credit Suisse deal

2023-03-20T07:32:32.057Z


Tokyo -1.5%, Hong Kong -3.46%. Europe and Wall Street in trouble (ANSA)


Sitting in the red for the Asian stock exchanges after the agreement for the acquisition of Credit Suisse by UBS.

Tokyo lost 1.54%, Sydney 1.38 and Seoul 0.69%.

Heavy Hong Kong, which dropped 3.2% at the opening, while Shenzhen and Shanghai contained the declines to 0.4%

.

Futures on Europe and the United States were down, with that on the Euro Stoxx 50 dropping 1.1

% and those on the Dow Jones and Nasdaq down by 0.8% and 0.4%.

After an initial positive assessment of the bailout and the injection of liquidity by central banks, which had pushed futures on the Euro Stoxx up by 1.4%, caution prevails among investors due to the turbulence that is affecting the markets.

    Subsequently, the Hong Kong Stock Exchange widened its losses despite the rescue of Credit Suisse by UBS:

the Hang Seng index, more than an hour after the closing of trading, dropped 3.46%, to 18,843.49 points.

ANSA Agency

UBS buys Credit Suisse for 3 billion Swiss francs - Economy

Integration "strengthens Switzerland as a global financial centre" (ANSA)

   The Monetary Authority of the former colony, in a note, assured this morning that the local banking sector has an "insignificant" exposure with Credit Suisse, whose local branch assets are estimated "at about 100 billion dollars Hk ($12.7 billion)", equal to "less than 0.5% of Hong Kong's total banking sector assets".

Bank stocks are in trouble, with HSBC losing more than 5%. 

 Commodities are also suffering from market uncertainty after the Credit Suisse shock.

Oil is no exception, losing almost 3%.

Contracts on American WTI for April fell by 2.77% to 64.89 dollars a barrel, while Brent listed in London and for


delivery in May lost 2.74% to 70.97 dollars.

Source: ansa

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