UBS’s crisis-era chief executive returns to oversee Credit Suisse deal
Countries with less stringent environmental laws are expected to pay taxes on their products sent to the UK as part of plans to protect UK manufacturers.
Grant Shapps, the energy secretary, is due to announce “border carbon taxes” on Thursday, according to The Times, which will mirror a scheme in the European Union.
5 things to start the day off right
1) Net-zero ban on petrol cars in chaos after Brussels descent | Proposals to phase out internal combustion engines are facing a crisis following the EU’s e-fuel exemption
2) Royal Mail strikers have 48 hours to accept a pay deal despite government fears | The company is trying to seal the wage offer after claims the UK arm could go bust
3) Michael Gove approves solar farm the size of 75 football fields despite local objections | The divisive Shropshire project will provide enough power to power over 8,500 homes
4) ECB staff complain of burnout after being pushed back into the office | Survey shows percentage of employees feeling the effects of burnout has doubled in 6 months
5) Black Lives Matter logo “violates Adidas trademark” | The sportswear retailer argues that the design creates confusion with its own three-stripe brand
what happened overnight
Asian stocks rose on Wednesday while the dollar was on the defensive as easing concerns over the banking sector revived risk appetite.
MSCI’s broadest index of Asia-Pacific stocks outside of Japan gained 0.82 percent, while Japan’s Nikkei rose 0.49 percent.
Hong Kong’s Hang Seng index climbed over 2 percent, boosted by Alibaba after the Chinese e-commerce conglomerate announced its plans to wind up. Hong Kong-based Alibaba’s shares shot up 15 percent, while the company’s US-listed shares closed 14.3 percent higher. Meanwhile, China’s CSI 300 benchmark rose 0.4 percent.
Wall Street stocks closed lower on Tuesday as investors weighed comments from Federal Reserve Vice Chairman Michael Barr, who called the Silicon Valley bank’s sinking a “textbook case of mismanagement.”
The Dow Jones Industrial Average fell 0.1 percent to 32,394.25. The broad-based S&P 500 slipped 0.2 percent to 3,971.27, while the tech-rich Nasdaq Composite Index fell 0.5 percent to 11,716.08.
The KBW regional banking index slipped 0.2 percent as the Federal Reserve official proposed tighter liquidity and capital rules to avoid further collapses.
The yield on the benchmark 10-year Treasury rose 2.8 basis points to 3.56 percent, from 3.53 percent on Monday. The interest-sensitive two-year yield rose 9.5 basis points to 4.06 percent.