© Archyde.com. Screens display data from the German DAX index in Frankfurt on Monday. Photo by Archyde.com.
(Archyde.com) – European stocks rose on Monday as calm returned to markets following a week of turmoil on concerns regarding the stability of the banking sector following the collapse of Credit Suisse and two mid-sized US banks.
The European index rose 1.1 percent, as investors relaxed thanks to news that First Citizens Bankers will take over the deposits and loans of the collapsed Silicon Valley bank.
European banking shares rose 1.4 percent, following losing 3.8 percent on Friday. German shares of Deutsche Bank (ETR:) advanced 6.2 percent, following falling 8.5 percent on Friday.
Swiss bank UBS, which took over Credit Suisse in a rescue deal last week, rose 1.1 percent.
As for Credit Suisse shares, they rose 0.5 percent following the Swiss financial regulator said at the weekend that it was considering taking disciplinary action once morest the bank.
Health care stocks were the biggest gainers in Europe, rising 1.9 percent.
Novartis jumped 7.7 percent following the Swiss drugmaker said its breast cancer drug Kisqali had been shown to reduce the risk of recurrence in women diagnosed at an early stage of the disease.
French telecom operator Orange rose 2.1 percent.
(Prepared by Duaa Muhammad for the Arabic Bulletin – Edited by Rehab Alaa)
