(News Bulletin 247) – European stock markets posted moderate gains on Tuesday (+0.3% in London, Frankfurt and Paris), in the wake of the Dow Jones the day before (+0.6%) against a backdrop of an alleviation of fears for the financial system.
“The banking sector rebounded as investors were reassured by the announcement of the takeover of Silicon Valley Bank’s deposits and loans by First Citizens Bank,” points out Kiplink, adding that First Citizens could receive additional aid from the authorities.
‘If the confidence in the banking sector could take a little time before returning completely, opportunities could be created in the months to come’, estimated Monday Mona Mahajan, at Edward Jones.
According to this strategist, investors could begin to abandon their defensive choices and bet more on an economic recovery and an awakening of cyclicals with the easing of fears on banking stocks.
In terms of statistics in Europe, the business climate in France fell slightly, given the synthetic indicator of INSEE, which lost one point to stand at 103 in March, but remained above its average of long period (100).
In stock news, Siemens takes more than 1% in Frankfurt as the industrial group ranks first among German companies and sixth in the world in the patent rankings of the European Patent Office.
Marks & Spencer also gained more than 1% in London, helped by Credit Suisse which reiterates its ‘outperformance’ opinion with a price target raised by 150 to 200 pence, in the wake of increased EPS estimates for the department store chain .
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