BUSINESS European stocks extend rebound at open


European stocks extend rebound at open


16:19, March 17, 2023

European stock markets extended their recovery at the start of trading Friday following global efforts to strengthen the banking system.

London's benchmark FTSE 100 index rose 0.9 percent to 7,473.67 points.

In the eurozone, Frankfurt's DAX index climbed 0.9 percent to 15,102.86 points and the Paris CAC 40 gained 0.8 percent to 7,084.21.

Top Asian equity indices closed higher after Wall Street's recovery Thursday.

It comes after a consortium of US private banks announced a $30-billion rescue package for embattled peer First Republic.

Swiss authorities have also stepped in this week to prop up Credit Suisse thanks to a multi-billion-dollar lifeline.

That followed the collapse last weekend of Silicon Valley bank and Signature Bank in the United States.

The European Central Bank on Thursday said it stood ready to provide liquidity to the eurozone's financial system as it raised interest rates by a hefty 50 basis points while dropping language on "significantly" hiking them in the future.

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