What you need to know today

$UBS Group (UBS.US)$ on Sunday agreed to buy Credit Suisse for 3 billion Swiss francs ($3.2 billion). The Swiss National Bank will loan UBS up to 100 billion Swiss francs ($108 billion) to support the takeover, while the government will guarantee losses up to 9 billion Swiss francs. U.S. stock futures were mixed on the news.
Banks continued plummeting on Friday. In Europe, Credit Suisse sank 8.01%. Over in the U.S., $First Republic Bank (FRC.US)$ plunged 32.80% — and a further 15.37% in after-hours trading. Other regional banks were down too. PacWest lost 18.95% and Western Alliance Bancorp sank 15.14%.
U.S. markets sank amid the bank tumult — all major U.S. indexes fell on Friday. Asia-Pacific markets fell on Monday too, as regulators in the region scrambled to reassure markets after UBS agreed to buy Credit Suisse. Hong Kong's Hang Seng index led losses, falling 2.9%.
Hong Kong is moving forward with its ambitions to become a crypto hub. In June, the city will introduce new regulations for crypto trading platforms, potentially legalizing the industry. That's in stark contrast with the Chinese mainland, where crypto trading is effectively banned.