European Shares Rise As Bank Worries Ebb
(RTTNews) - European shares opened on a steady note Monday as an agreement for the takeover of the assets of failed Silicon Valley Bank (SVB) helped ease fears of a global banking crisis.
First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the SVB, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement.
Sentiment was also underpinned after U.S. Fed officials said there was no indication that financial stress was worsening.
Meanwhile, the German Ifo business climate index improved to 93.3 in March versus 90.9 expected despite the turbulence at some international banks, a survey showed.
The pan European STOXX 600 jumped nearly 1 percent to 444.30 after losing 1.4 percent on Friday.
The German DAX, France's CAC 40 index and the U.K.'s FTSE 100 were up between 0.6 percent and 0.9 percent.
Deutsche Bank jumped 3.6 percent after German Chancellor Olaf Scholz said the bank remains profitable and there's no reason to doubt its future.
Peers Commerzbank, Barclays and BNP Paribas were up 1-2 percent.
Novartis soared 6.4 percent after the Swiss drug maker reported positive results from a trial of its Kisqali breast cancer drug.
Steel group Salzgitter Group gained 3.7 percent after forecasting better-than-expected earnings for 2023.
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