3/20, 9:04 AM (Source: TeleTrader)
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Europe opens with losses as UBS agrees to buy Credit Suisse

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