European stock markets were higher Tuesday, continuing positive momentum as investors in the region hope that recent market volatility has come to an end.
The pan-European Stoxx 600 index was up 0.3% in morning trade, with most sectors posting gains.
European markets
Banks were up 1%, with Credit Suisse ticking 1.4% higher and UBS up 1.5%. However, Deutsche Bank dipped 0.5% following recent volatility.
In a memo seen by Reuters on Monday, UBS Chief Executive Ralph Hamers reportedly said of its recent Credit Suisse acquisition: "While we did not seek this transaction, we were prepared, and we see it as an opportunity to accelerate our firm's growth story. We did not buy Credit Suisse only to close it."
Policymakers and central bank officials have continued to stress the banking system is not heading for a crash, though jitters remain.
Charles-Henry Monchau, chief investment officer at Syz Group, told CNBC's "Squawk Box Europe" investors were beginning to reassess the view that interest rates hikes are good for banks because they mean higher net interest margins, instead factoring in that sharp rate rises would hit the weakest links of the economy, where banks may "pay the price."
Beyond banks, European sector gains include mining stocks, which are up 1.07%, and oil and gas, up 1.6%.
The gains extend those recorded on Monday, when cautious optimism returned after a sharp loss in the previous session.
Overnight, Asia-Pacific markets were largely positive on Tuesday as investor fears over recent banking sector turmoil continued to show signs of easing.
U.S. stock futures inched higher in overnight trading after the S&P 500 posted its third positive session in a row Monday.
Business - Latest - Google News
March 28, 2023 at 02:26PM
https://ift.tt/u70jdCT
European stocks open higher as investors hope volatility has passed - CNBC
Business - Latest - Google News
https://ift.tt/Pi0d7bT
Bagikan Berita Ini
0 Response to "European stocks open higher as investors hope volatility has passed - CNBC"
Post a Comment