Credit Suisse Collapses, Swiss government assists UBS in takeover
-- FLASH MARKET UPDATE Moments ago the Swiss government announced that Credit Suisse is being forcibly taken over by UBS for a mere $2 billion with the assistance of the Swiss government.
This is yet another example of what might be a “contagion” spreading throughout the banking system, and the financial sector as a whole. Time will tell.
Later today, we’ll see what impact this may have on global risk assets when the Asian markets open, and the European and US futures begin trading.
Whether or not this is the end of something or the beginning of something new, we do not yet know. However, this may be yet another reminder of how quickly markets come move, when people begin to panic.
A good risk management strategy must be maintained for times like this. Stay tuned...
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