a look at the day ahead in european and global markets from anshuman daga market gyrations are common but the scale of recent moves across asset classes due to a slew of bank takeovers has shocked even the most experienced traders and investors safehavens such as gold and treasuries are in high demand along with more speculative instruments such as tech stocks and bitcoin as worries over the banking crisis are boosting disparate assets while ubs shares were hammered in early trading on monday after its shotgun marriage with troubled credit suisse following an intervention by swiss authorities the banks shares pared most of the losses towards the close the biggest pain seems to have been inflicted on holders of credit suisses risky debt leading lawyers from switzerland the us and britain to talk to many additional tier 1 at1 bond holders about possible legal action a law firm said on tuesday asian equities staged a tentative recovery as the buyout of credit suisse eased immediate worries of a knockon effect to other banks while the us dollar was stuck near a fiveweek low european central bank president christine lagarde said the market turmoil might do some of the ecbs work for it in dampening demand and inflation markets have been on high alert for central banks to raise interest rates sharply to cope with high inflation however there could be some surprises now ecb policymaker robert holzmann watered down his recent call for three more rate increases of 50 basis points in quick succession holzmann who heads the austrian national bank told german business daily handelsblatt two weeks ago the ecb should raise rates by 50 basis points at each of its next four meetings the ecb made one such increase at its meeting last week meanwhile just hours after the statebacked takeover by ubs of troubled credit suisse was announced memorabilia bearing the 167yearold banks name and logo was being put up for sale in switzerland marking the end of an era for credit suisse key developments that could influence markets on tuesday meetings chinese president xi jinping and russian president vladimir putin are set to engage in formal talks regarding beijings proposals for a war resolution central bank meetings the federal reserve convenes for its twoday monetary policy meeting policy decision is on wednesday