2 Min(s) Read
By Sangam Singh Mar 17, 2023 2:46:34 PM IST (Updated)
First Republic Bank's shares jumped nearly 22 percent at the end of Thursday's trading session after several large banks were said to be in talks to deposit billions of dollars.
European stock extended gains in early trading hours on Friday after troubled First Republic Bank and Credit Suisse secured a big financial lifeline.
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The pan-European Stoxx 600 index inched 3.58 points or 0.81 percent higher at 445.19 with most sectors trading in positive territory at 9:01 AM CET. Oil and gas stocks rallied 2.8 percent higher followed by mining stocks which were 2 percent up.
This comes after US equities ended the trading session on Thursday in green as major banks stepped in to help First Republic Bank and the Federal Reserve reassure markets that banks can easily seek liquidity.
The Dow Jones Industrial Average rose 371.98 points or 1.17 percent to 32,246.55. The S&P 500, on the other hand, gained 68.35 points, or 1.76 percent to 3,960.28 and the Nasdaq Composite gained 283.23 points or 2.48 percent to 11,717.28.
First Republic Bank's shares jumped nearly 22 percent at the end of Thursday's trading session after several large banks were said to be in talks to deposit billions of dollars.
Some of the biggest names in US banking are said to be involved in the bailout including JPMorgan Chase & Co, Citigroup Inc, Goldman Sachs, Bank of America Corp and Morgan Stanley were involved in the rescue, Reuters reported.
Banking stocks globally have been battered since Silicon Valley Bank collapsed last week due to bond-related losses that piled up when interest rates surged last year, raising questions about what else might be lurking in the wider banking system.
Earlier, Europe's STOXX 600 closed the day 1.3 percent higher after rebounding from 0.6 percent drop after the European Central Bank (ECB) rate hike to touch a fresh 10-week low.
Europe's banking stocks suffered their steepest one-day drop in more than a year on Wednesday in the wake of Credit Suisse's woes.
The market turmoil had ensnared Swiss lender Credit Suisse, forcing it to borrow up to $54 billion from Switzerland's central bank after days of the collapse of two US banks.
Also Read:Goldman Sachs bought Silicon Valley Bank's bond portfolio before federal regulators took over
First Published: Mar 17, 2023 11:56 AM IST
Note To Readers
First Republic Bank's shares jumped nearly 22 percent at the end of Thursday's trading session after several large banks were said to be in talks to deposit billions of dollars.
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