The pan-European STOXX 600 was up 1.3% at 10:05 GMT, as investors focused on news that First Citizens BancShares Inc will acquire the deposits and loans of Silicon Valley Bank
European shares rallied at the open today as markets calmed after a tumultuous week for banking stocks, fueled by concerns about the stability of the sector.
The pan-European STOXX 600 rose 1.3% at 10:05 a.m. Greek time, with investors focused on news that First Citizens BancShares Inc will acquire the deposits and loans of Silicon Valley Bank.
Shares in European banks jumped 2.8 percent after falling 3.8 percent on Friday when Deutsche Bank led the sector into a dive. The German bank’s shares were earlier up 6.1 percent after plunging 8.5 percent on Friday.
Shares in Swiss bank UBS, which last week acquired Credit Suisse in a bailout deal, rose 2.5 percent but still remain about 15 percent below their pre-deal levels.
Credit Suisse stock rose 3.6%.
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