Morgan Stanley’s Michael Wilson said the stress in the banking system marks what’s likely to be the beginning of a painful and “vicious” end to the bear market in US stocks.
European stocks fell and US equity futures retreated as the emergency weekend sale of Credit Suisse Group AG to UBS Group AG failed to soothe market jitters over the health of the banking system. Investors turned to the safest assets, spurring gains in Treasuries, while gold rose on haven demand.
An Istanbul shopping mall owned by Turkey’s biggest media empire was seized after the company failed to repay some of its debt, the latest blow from a series of unpaid loans.
China has billed Xi Jinping’s trip to Moscow this week as a “journey of friendship.” Talks on a long-term gas deal may reveal the limits of what he can and will do for Vladimir Putin.
Thailand’s parliament was dissolved on Monday ahead of elections slated for May as Prime Minister Prayuth Chan-Ocha seeks to extend nearly a decade of his military-backed rule.
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