FTSE 100 steady as UBS calls back its old boss

The FTSE 100 made a solid start on Wednesday morning, continuing the cautious recovery for markets from the trauma of the collapse of SVB and forced union between Credit Suisse and UBS earlier this month.

AJ Bell investment director Russ Mould said: “Bringing in Sergio Ermotti as CEO – a key figure in UBS’ recovery from the Great Financial Crisis – to oversee the combination between Switzerland’s two biggest banks is a move likely to help salve market wounds.

“Shares in International Distributions Services moved higher as its Royal Mail arm gave unions 48 hours to accept a pay deal or face the risk of the business being tipped into administration.

“Whether a negotiating ploy or not, it demonstrates just how fraught the situation is at the delivery company and how poor relations are with its staff. This implies a clear failure on the part of management.”