European stocks rebound as banking jitters ease

(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;))

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

European stocks rebound as banking jitters ease

By Reuters

Reuters

Reuters

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Gold’s gains are ‘historic and unnerving’ and represent ‘a deliberate recalibration of the global order’ – SPI’s Stephen Innes

Can silver prices follow in palladium's footsteps and rise 500% in five years?

This key indicator shows gold at its most overbought level since 1980 – Barchart’s Khan

All that glitters is getting pricier, but demand is not going away