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European stocks extend recovery as banking fears ebb

Reuters
Updated ·1 min read

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)

March 28 (Reuters) - European stocks rose on Tuesday as investors grew hopeful that the banking crisis will be contained after a buyout deal for the failed Silicon Valley Bank.

The continent-wide STOXX 600 index rose 0.7% by 0708 GMT, extending gains for a second session after last week's rout in banking shares caused by the collapse of Credit Suisse and two mid-sized U.S. lenders.

European banks rose 1.6%, adding to Monday's 1.4% gain. Swiss bank UBS climbed 2.4% after CEO Ralph Hamers said the bank sees its government-orchestrated takeover of Credit Suisse as a growth opportunity, in an internal memo seen by Reuters. Credit Suisse shares rose 3.1%.

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Oil & gas stocks, miners and retailers were among the other top sectoral gainers in Europe.

Telecom Italia added 2.7% after Bloomberg News reported that Italy's state-backed lender is working on a higher bid for the company's landline network.

Zalando climbed 2.7% after HSBC upgraded Europe's biggest online fashion retailer to "buy" from "hold". (Reporting by Sruthi Shankar in Bengaluru; Editing by Sonia Cheema)