|Day's range||14,458.39 - 14,980.43|
|52-week range||11,862.84 - 15,706.37|
European stock markets traded sharply lower Monday, with the banking sector hard hit in the wake of the deal to consolidate the two Swiss banking giants, UBS and Credit Suisse . Swiss banking giant UBS (SIX:UBSG) announced on Sunday that it will buy embattled peer Credit Suisse (SIX:CSGN) for around $3.3 billion, with the assistance of the Swiss authorities, hoping that this will ease the strain on the global banking system. Concerns had been growing about Credit Suisse’s survival as it faced growing liquidity difficulties with investors withdrawing funds in the wake of a series of crises.
European stock markets traded sharply higher Friday, with sentiment boosted by moves in both Europe and the United States to support under-pressure lenders, likely preventing a full-blown banking crisis. A number of large U.S. banks injected $30 billion in deposits into First Republic Bank (NYSE:FRC) on Thursday, moving to support the lender which had been caught up in the backwash triggered by the failure of two other regional U.S. lenders last week. This followed the announcement late Wednesday that troubled European bank Credit Suisse (SIX:CSGN) had received a financial lifeline from the Swiss National Bank.