(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 27 (Reuters) - European stocks rallied in early
deals on Monday, as calm descended on markets following a
turbulent week for banking shares that was fuelled by worries
about stability in the sector after the collapse of Credit
Suisse and Silicon Valley Bank.
The pan-European STOXX 600 index rose 1.3% by 0705
GMT, with investors drawing comfort from news that First
Citizens BancShares Inc would acquire Silicon Valley
Bank's deposits and loans.
European banks jumped 2.8% after shedding 3.8% on
Friday when Deutsche Bank sparked a rout in the
sector. The German lender's shares were up 6.1% after tumbling
8.5% on Friday.
Shares of Swiss bank UBS , which took over Credit
Suisse in a rescue deal last week, added 2.5%, but still
remained about 15% below the pre-deal levels.
Credit Suisse rose 3.6%. Swiss financial regulator
FINMA said over the weekend that it was considering whether to
take disciplinary action against the bank.
Novartis climbed 4.9% after the Swiss drugmaker
said its Kisqali breast cancer drug had been shown to cut the
risk of recurrence in women who were diagnosed at an early stage
of the disease.
(Reporting by Sruthi Shankar in Bengaluru; Editing by
Subhranshu Sahu)
8780; outside U.S. +91 80 6182 2787;))
