UK and US shares climb as banks and ministers aim to calm Credit Suisse fears

FTSE 100 rises and European banking shares are up after early jitters over what UBS takeover deal means for bondholders

• What are AT1 bank bonds - and why are Credit Suisse's wiped out?
• First Republic's shares drop after downgraded credit rating
• Nils Pratley: Swiss solve one problem at Credit Suisse, but create another for bondholders
• Comment: Bonds were seen as a safe haven - but they are central to this bank crisis

Stocks climbed on Monday in London and New York after central bankers and politicians sought to soothe jitters triggered by the emergency rescue of Credit Suisse during the weekend.

Central banks in the UK and eurozone issued statements aimed at reassuring investors that - unlike the controversial approach taken by the Swiss authorities in the Credit Suisse deal - their jurisdictions would follow a hierarchy in which equity holders would lose out before bond holders.