by about twice the global average. it s already increased by 2 degrees celsius. 20 years since the us led coalition invaded iraq to topple dictator saddam hussein, we look at the legacy. hello and welcome to bbc news. the world s financial markets have reacted with unease following last night s emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened and the value of banking shares across europe have dropped sharply. credit suisse was bought by fellow swiss bank ubs after a deal brokered by the swiss government. here s the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it means we are stemming the turmoil in the international financial markets. these three goals are very, very important to us. we
the temperature up here in the alps is rising by about twice the global average. it s already increased by 2 degrees celsius. and 20 years since the us led coalition invaded iraq to topple dictator saddam hussein, we look at the legacy. hello and welcome to bbc news. the world s financial markets have reacted with unease following last night s emergency takeover of the troubled swiss bank credit suisse. shares in credit suisse fell by more than 60% this morning after european markets opened and the value of banking shares across europe have dropped sharply. credit suisse was bought by rival swiss bank ubs in a deal brokered by the swiss government over the weekend. here s the chief executive of ubs explaining the rationale behind the deal. translation: it means we bring back stability and security for credit suisse clients, but also that we keep the reputation of the swiss financial centre high. and finally it means we are stemming the turmoil in the international financial
there were sharp losses in early trading, although banking stocks have since rebounded slightly. ubs is currently up 3.5% let s take a look now at how the markets are performing more broadly. trading began in the us an hour ago. we can see the dow is up, the snp 500 also on 5.2%. in asia and in europe, there was some initial fright taken by investors, particularly because certain bondholders in credit suisse have lost all the value of their investment, but by the middle of the trading day most european indices were trading positively again. now, one aspect of the deal was that any investor holding additional tieri bonds, or ati bonds, in credit suisse will get nothing. that s more than 15 billion euros written off. it spooked the whole ati bond market which is worth more than 200 billion euros. let s discuss this in more details with dan kemp, global chief investment officer at morningstar investment management. why is the burning of these bondholders so controversial? that