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  • EUROPE Stocks trade higher on Monday
  • March 27,2023  18:32
  • European stock markets were trading notably higher on Monday, 27 March 2023, rebounding after the sharp selloff at the end of last week, as appetite for risk assets underpinned as jitters in the banking sector eased after authorities and regulators gave assurances that the broader financial system is sound.

    First Citizens BancShares has entered into a loss-share transaction for all deposits and loans of the Silicon Valley Bank's, the U.S. Federal Deposit Insurance Corporation (FDIC) said in a statement, helping ease fears of a global banking crisis.

    Meanwhile, European Central Bank President Christine Lagarde stated European Union leaders on Friday that the euro-area banking sector remains healthy.

    Separately, Deutsche Bank remains profitable and there's no reason to doubt its future, German Chancellor Olaf Scholz said on Friday during a news conference in Brussels.

    Elsewhere, the U.S. Financial Stability Oversight Council said the U.S. banking system was sound and resilient despite stress on some institutions.

    At 13.01 GMT, the pan European Stoxx 600 index was up 1.2% to 445.29. The U.K.'s FTSE 100 index added 1% to 7,479.18. France's CAC40 index inclined 1.1% to 7,092.03. Germany's DAX index rose 1.3% to 15,152.93. Switzerland's Swiss Market index gained 1.32% to 10,774.68.

    ECONOMIC NEWS: German Ifo Business Confidence Rise To 93.3 In March-- Germany Ifo Business Climate rose form 91.1 to 93.3 in March, above expectation of 92.0. That's also the fifth consecutive rise. Current Assessment index rose from 93.9 to 95.4, above expectation of 94.0. Expectations index rose from 88.4 to 91.2, above expectation of 87.4. By sector, manufacturing rose from 1.5 to 6.6. Services rose from 1.3 to 8.9. Trade ticked up from -10.6 to -10.0. Construction also improved from -19.0 to -17.9. Ifo said, the upward development in business climate was driven primarily by business expectations. Despite turbulence at some international banks, the German economy is stabilizing, it added.

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