Banking stocks and bonds fell sharply as the hit to investors from UBS Group's state-backed takeover of Credit Suisse fanned concerns about the health of the global banking sector
in the market for convertible bank bonds by saying owners of this type of debt would only suffer losses after shareholders have been wiped out - unlike at Credit Suisse, whose main regulators are outside of the currency bloc.
The cost of insuring exposure to the debt of the continent's lenders rose, with UBS's credit default swap widening to 153 basis points from 117 bps, S&P Global Market Intelligence data showed.Investors appeared to have shrugged off promises by top central banks over the weekend to provide dollar liquidity to stabilise the financial system.
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