Markets seem relaxed over CIT case

The bankruptcy case of CIT Group has been assigned to a new judge after the one appointed earlier disqualified himself.

The bankruptcy filing is one of the five largest in US history.

The New York Stock Exchange is going to suspend trading in CIT shares ahead of Tuesday’s opening but the global markets seem to be unaffected.

Oliver Roth at Close Brothers Seydler Bank said:
“Markets are hardly influenced by CIT’s bankruptcy, because a lot of this was already known last week. So, this was more or less expected and factored in. It was not surprising.”

European shares rose on Monday after the release of encouraging US economic data, especially growth in the US manufacturing sector. Banks recovered from earlier falls to feature among the biggest risers.

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tags: Markets