**** UBS is paying 3bn Swiss francs ($4.5 billion) for Credit Suisse in an all-share deal that includes extensive government guarantees and liquidity provisions. The price is less than half the 7.4 billion francs Credit Suisse was worth at the close of trading on Friday. Regulator Finma said about 16bn francs of Credit Suisse bonds will become worthless to ensure private investors help bear some of the costs.
Dow Jones down 385 (-1.19%). Trading down all day friday, reaching 518 at worst. S&P 500 down 1.1%. NASDAQ down 0.74%. S&P 500 up 1.41%, and NASDAQ up 4.39% for the week, while the Dow posted weekly losses down 0.25%. US treasury yields continued to slide, 2-year yield down 28.4bps. 10-year yield down 14.9bps. Oil prices fell to 15-month lows, and data showed consumer sentiment fell for the first time in four months. SPI Futures down 98 (-1.19%). European markets record worst week in five months, Stoxx 50 -1.3%, FTSE -1%, CAC -1.4%, and DAX -1.3%.
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