London shares are under more pressure today as traders digest details of UBS’s emergency takeover of Credit Suisse.
The implications of the deal, particularly for bondholders, added to strain on banking stocks as the FTSE 100 initially fell more than 100 points.
The Bank of England, which is taking part in a coordinated move by central banks to improve dollar liquidity, said following the UBS deal that the UK banking system is “well capitalised and funded, and remains safe and sound”.
