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  • EUROPE Stocks trade higher
  • March 29,2023  19:40
  • European stock markets were notably higher on Wednesday, 29 March 2023, as investors appetite for risk assets underpinned on calming banking sector concerns in capital markets around the region.

    Market commenced trading with firm footing after top U.S. regulators expressed confidence that banks were solvent, blaming the recent collapse of Silicon Valley Bank on mismanagement, rather than systemic risks. Meanwhile, Chinese tech giant Alibaba's break-up plans, strong outlook from chipmaker Infineon and a CEO change at Swiss bank UBS further aided the mood.

    At 13.30 GMT, the pan European Stoxx 600 index was up 1% to 448..95. The U.K.'s FTSE 100 index advanced 0.9% to 7,552.68. France's CAC40 index inclined 1.3% to 7,180.29. Germany's DAX index rose 0.9% to 15,282.19. Switzerland's Swiss Market index gained 1.1% to 10,957.10.

    UBS Group AG shares rose over 2%, helping the region's banking sector post gains, after the Swiss lender rehired Sergio Ermotti as CEO to steer its massive takeover of neighbour Credit Suisse.

    Next slumped over 7% after the British clothing retailer kept its guidance for a 1.5 percent decline in full-price sales and profit of 795 million pounds for 2023-24, as the post-pandemic boost from the release of pent-up demand fades.

    ECONOMIC NEWS: The forward-looking GfK German consumer climate index came in at -29.5 for April, an improvement from the revised -30.6 the prior month, adding to signs that confidence in Europe's largest economy is growing following the surprising strength of the Ifo release earlier this week.

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