Investors in Asia are starting what is likely to be another turbulent stock market week.
(Photo: dpa)
Tokyo Markets in Asia were unable to agree on a common direction on Monday after the Credit Suisse bailout and coordinated action by central banks. Concerns about a recession and a possible global crisis in the banking sector weighed on demand for risky assets, particularly in Japan.
As part of a package put together by regulators on Sunday, major Swiss bank UBS will put three billion Swiss francs ($3.23 billion) on the table for the traditional, 167-year-old bank and absorb up to $5.4 billion in losses. supported by massive state guarantees.
At the same time, central banks including the US Federal Reserve, the European Central Bank (ECB) and the Bank of Japan jointly announced on Sunday that they would support market liquidity by increasing the frequency of seven-day US dollar swaps from weekly to daily .
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