UBS shares rise in Swiss trade; Deutsche Bank also higher |
| MarketWatch - Apr 1, 2008 |
European shares started the second quarter on an upbeat note on Tuesday, with financials such as Swiss bank UBS moving higher as investors welcomed moves to draw a line under exposure to the troubled U.S. housing market.
The pan-European Dow Jones Stoxx 600 index increased 1.4% to 310.24, boosted by gains of 6.3% from UBS and strength from other lenders.
UBS said on Tuesday it will raise around 15 billion Swiss francs ($15.1 billion) in a rights issue to shore up its capital base after disclosing new write-downs of around $19 billion.
The lender has been the worst-hit European firm in the credit crisis. It previously raised around $13 billion from the government of Singapore and a Middle East investor after reporting a loss of 12.5 billion francs for the fourth quarter of 2007.
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- Posted: 2008-04-01 08:38:21
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