Europe opens with losses as UBS agrees to buy Credit Suisse

EPA-EFE/RONALD WITTEK

Major stock markets across the European continent kicked off Monday's session in negative territory following the news UBS Group will acquire Credit Suisse for $3.2 billion. The latter bank's shares posted major losses following the takeover agreement. On the data front, investors observed the latest producer prices data from Germany, which hinted at a slight inflation decline.

The DAX lost 0.50% at the opening bell, pulled by Deutsche Bank's 6.41% plunge. The FTSE 100 fell by 0.76%, as Standard Chartered tumbled by 5.65%. The CAC 40 decreased by 0.39%, with Societe Generale sinking by 4.25%.

Both the euro and the pound traded unchanged against the dollar at 8:56 am CET to sell for 1.06570 and 1.21854, respectively.

Baha Breaking News (BBN) / ND