Good morning, readers. Markets reporter George Glover here, writing to you from London while my colleague Phil Rosen is off on a well-deserved vacation.
You've probably already clocked that the biggest story in markets right now is happening on this side of the Atlantic, with investors still mulling over UBS's $3 billion rescue of its old foe Credit Suisse.
Today, I'm unpacking the biggest winners and losers from the takeover.
UBS itself looks set to benefit as it's now "the world's safest bank" for depositors, according to one analyst. But there's a bunch of losers from the historic deal as well — including the Saudi National Bank, the Federal Reserve, and investors who hold a little-known type of high-risk Credit Suisse bonds.