Good morning from London, where the FTSE 100 is currently down by less than 1% this morning despite the ructions coming from UBS’s cut-price US$3.2bn takeover of Credit Suisse.
Central banks have taken new measures to improve US dollar liquidity and reduce the risk of contagion spreading around Europe and beyond. The Japanese Yen and gold have both rallied this morning as investors seek out relatively safe havens.
Elsewhere Richard Branson’s Virgin Orbit is drawing up contingency plans for insolvency after seizing operations and furloughing staff last week.
Supermarket Income REIT announced it had completed the £430.9mln sale of its interest in the Sainsbury’s Reversion Portfolio, with the proceeds earmarked to repay debt facilities.
You can get the latest updates on the situation in the European banking sector at Proactiveinvestors.co.uk, and I’ll be back tomorrow morning with another update – today’s was written by Josh Lamb and presented by me, Thomas Warner.
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