Asian stocks sink after Credit Suisse takeover

Asian stock markets are lower after Swiss authorities arranged the takeover of troubled Credit Suisse amid fears of a global banking crisis ahead of a Federal Reserve meeting to decide on more possible interest rate hikes. Hong Kong, Tokyo and Sydney declined. Shanghai edged up. Oil prices retreated. Swiss authorities announced UBS would acquire its smaller rival as regulators try to ease fears about banks following the collapse of two U.S. lenders. Investors worry banks are cracking under the strain of unexpectedly fast, large rate hikes over the past year to cool economic activity and inflation. That caused prices of bonds and other assets on their books to fall, fueling unease about the industry’s financial health.