Market reaction in Europe follows trading pattern in Asia

This sharp sell-off of European shares follows a similar pattern during Monday’s trading in Asia.

UBS – which is now Switzerland’s only global bank – has seen a big drop in its value as have other major banks in London, Paris and Frankfurt.

The Swiss authorities forced the rescue of Credit Suisse after it suffered a string of high-profile problems in recent years which led investors to start moving their money out of the Swiss bank.

The French finance minister is amongst those policymakers to welcome the takeover as a good deal but said he remains extremely vigilant to market reaction.