Global Market News

Credit Suisse Lifeline Lifts European Bourses Midday


Last updated: 03/16/2023 07:38:32

07:38 AM EDT, 03/16/2023 (MT Newswires) -- European bourses tracked modestly higher midday Thursday after Switzerland's central bank threw a $54 billion lifeline to the ailing bank Credit Suisse.

Shares of Credit Suisse were up 6% in US premarket trading.

Food and beverage stocks led gains on the continent, while property issues lagged.

Trading-floor denizens also eyed mixed Wall Street futures, and solidly lower closes overnight on most Asian exchanges.

The pan-continental Stoxx Europe 600 Index was up 0.4% mid-session.

The Stoxx Europe 600 Technology Index was steady, and the Stoxx 600 Banks Index rose 0.7%.

The Stoxx Europe 600 Oil and Gas Index was up 0.1%, and the Stoxx 600 Europe Food and Beverage Index inclined 1.3%.

The REITE, a European REIT index, fell 1.4%, but the Stoxx Europe 600 Insurance Index rose 0.6%.

On the national market indexes, Germany's DAX was up 0.3%, and the FTSE 100 in London was up 0.7%. The CAC 40 in Paris was up 0.7%, and Spain's IBEX 35 gained 0.8%.

Yields on benchmark 10-year German bonds were higher, near 2.26%.

Front-month North Sea Brent crude-oil futures were down 0.2% to $73.53 per barrel.

The Euro Stoxx 50 volatility index was down 1.6% to 31.51, still indicating above-average volatility for European stock markets in the next 30 days. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges. The volatility index was notching over the 30-marker in late September.
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