FLIY - European stocks higher echoing an upbeat mood in Asian markets Swiss bank UBS climbs on naming Ermotti as new CEO

2023-03-29 04:48:54 ET

London +0.74% . UK February mortgage approvals 43.54k vs 40.50k expected

Germany +0.68% . Germany April GfK consumer confidence -29.5 vs -29.2 expected.

France +1.12% . France March consumer confidence 81 vs 81 expected.

The pan-European Stoxx 600 was up 0.65% in morning trade, with banks up. Tech stocks reversed Tuesday’s decline with a gain while the financial services sector was up.

UBS shares rose 2.6% after the bank announced Sergio Ermotti would return to his role as group CEO from April 5 , following the recent acquisition of Credit Suisse.

Switzerland March Credit Suisse investor sentiment -41.3 vs -12.3 prior.

Coming up in the session: US MBA mortgage applications w.e. 24 March at 1100 GMT.

In the bond market, the yield on 10-year Treasuries was little changed to 3.57%.

Germany’s 10-year yield was up more than two basis points to 2.31%.

Britain’s 10-year yield was up more than one basis points to 3.47%.

ETFs: ( EWG ), ( GF ), ( EWI ), ( EWQ ), ( EWGS ), ( FGM ), ( DBGR ), ( DXGE ), ( HEWG ), ( DAX ), ( FLFR ), ( FLGR ), ( FLIY ), ( FXB ), ( EWU ), ( FKU ), ( EWUS ), ( HEWU ), ( FLGB ).

More on the Bank Crisis:

• Citizens Financial, Fifth Third among oversold regional bank stocks set to rebound
• Silicon Valley Bank was rated by examiners as not well-managed, Fed’s Barr says
• Bank stock rise after deposit outflows not as bad as feared
• FDIC inks deal for First Citizens to buy Silicon Valley Bank

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