(News Bulletin 247) – After their plunge the day before (-3.6% in Paris, -3.8% in London, -3.3% in Frankfurt), European stock markets are up slightly this morning, Paris and London claim 0.8% ahead of Frankfurt (+0.5%).

After the astonishment caused by the bankruptcy of SVB, concerns were focused yesterday on Credit Suisse which dropped more than 24% in Zurich. This morning, the Swiss bank resumed 20% after the announcement by the Swiss authorities of measures to support the establishment.

In a statement released yesterday evening, the Swiss Financial Market Supervisory Authority (FINMA) said Credit Suisse fully meets the capital and liquidity requirements for banks deemed systemically important.

The Swiss National Bank (SNB) assured, for its part, that it was ready to provide the establishment with sufficient liquidity if necessary.

Credit Suisse immediately took him at his word by in turn indicating its intention to borrow from the Swiss central bank up to 50 billion Swiss francs (about 50 billion euros).

Referring to ‘decisive’ actions in a ‘preventive’ logic, the group also expressed its desire to buy back nearly three billion Swiss francs of debt instruments in circulation on the markets.

It is in this climate of confusion that the European Central Bank (ECB) is today meeting its Board of Governors, eagerly awaited by investors.

The recent turmoil in the markets should not dissuade the central bank from another rate hike of 50 basis points after its meeting.

Beyond this decision, it is above all the speech of Christine Lagarde, its president, who will arouse interest in order to try to guess the future trajectory of rates.

For strategists, reassuring words about the health of European banks and implicit support for the banking system of the Old Continent would be welcome in order to soften the pill of rate hikes.

In general, investors are hoping central banks will be more dovish as they wait to assess the fallout from the current crisis, which many attribute to tighter credit conditions.

In company news, Equinor announces that it has acquired 5,000,000 shares of Scatec ASA (Scatec) from Scatec Innovation AS, corresponding to 3.1% of the shares and votes, for a total purchase price of 305 million Norwegian crowns (NOK).

Shell announces the publication of its 2022 report on its progress in the energy transition. The firm indicates that it has achieved the objectives defined as part of its transition strategy.

Siemens announces the signing of an agreement with Continental to equip its tire factories worldwide with automation technology and software.

Finally, Siemens Energy indicates that it has successfully placed 72,664,519 new shares with institutional investors through an accelerated bookbuilding offer excluding shareholders’ subscription rights.

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