European markets rose on Tuesday, as investor nerves calmed following UBS’ takeover of rival Credit Suisse.
The pan-European STOXX 600 rose 0.57%, while sectors acted as a green wall, with banks leading the gains, up 0.57%. Retail and mining stocks both rose regarding 1%.
The German DAX index rose 0.93% to 15,071.63 points. The British “FTSE” index rose 0.76% to 7,459.98 points, and the French “CAC 40” rose 1.19% to 7,096.80 points.
European markets fluctuated on Monday, with the European Stoxx 600 index declining in the first hours of trading, before moving into positive territory. Even banks reversed their earlier sharp losses to trade up 0.3%.
On Sunday, UBS agreed to buy rival Credit Suisse for 3 billion Swiss francs ($3.2 billion) in an emergency bailout. According to UBS, the joint bank will have $5 trillion in invested assets. Shares of Credit Suisse fell 54% Monday, at one point, while UBS jumped from losses to gains of 3.8%.
Asia-Pacific markets also rose, on Tuesday, following “Wall Street” witnessed a slight recovery overnight, in the hope that the banking crisis following the acquisition of “Credit Suisse” will abate. (agencies)
