The pan-European STOXX 600 climbed 1.3 per cent, with shares in Swiss banks Credit Suisse rising 7.3 per cent and UBS gaining 12.1 per cent.
European shares rose over 1 per cent on Tuesday, with banking stocks leading the recovery following a raft of measures to stabilise the sector, while investors hoped for less-aggressive moves by the US Federal Reserve at its policy meeting this week.
Europe’s banking index jumped 3.8 per cent, with shares in Swiss banks Credit Suisse rising 7.3 per cent and UBS gaining 12.1 per cent.Lender heavy indexes of Spain and Italy added 2.5 per cent each, outperforming the broader market. “It’s a very tricky one to call because if they pause you might think that’s good for risk assets, but then simultaneously if you give too many reasons for the pause then that could frighten the horses,” said Chris Beauchamp, chief market analyst at IG Group.“Fed could send the message that we’re not done yet, but maybe we don’t need to move quite as fast as we have done.”
Europe’s banking index is down 12.7 per cent so far in March - the weakest sectoral performer this month - as the collapse of US mid-sized lenders Silicon Valley Bank and Signature Bank as well as troubles at Credit Suisse raised worries that a broader banking crisis was brewing.
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