It doesn’t seem to matter where you turn, there are no certain markets for savers to get bank beating, consistent and safe returns.
Britain’s FTSE 100 plunged by nearly 2 per cent in early morning trading on Monday despite UBS’s £2.7 billion rescue deal to save troubled lender Credit Suisse. The takeover, announced on Sunday night, failed to convince spooked investors concerned about another meltdown in the global banking system, with 129 points shaved off the value of the 100 biggest firms listed in the UK. The FTSE 250 was also down 1 per cent, with banking stocks across the two indexes slumping by 5.3 per cent.
By 2pm in London, the FTSE 100 was around 0.6 per cent higher for the session, with early session gains seen also on the Dow Jones and S&P 500 on Wall Street. Nevertheless, market worries continued to particularly hit other banking stocks, which led the fallers in London and Europe’s other key markets.
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