(Paris) The stock markets rose on Monday, driven by the drop in tensions on the banks, even if the general balance of the sector remains precarious.
The stock markets rebounded, without however compensating for their losses on Friday. Paris ended Monday up 0.90% as did London while Frankfurt took 1.14% and Milan 1.22%.
In New York, the Dow Jones gained 0.63%, the S
The index for banks in Europe gained 1.44%, including a jump of 6.15% for Deutsche Bank. On Friday, he had lost 3.78%.
“ The weekend did not bring any new turbulence in the banking sector ”, is satisfied Craig Erlam, analyst at Oanda. On Friday, the situation of Deutsche Bank had reignited fears over the entire European banking sector, after the takeover in extremis of Credit Suisse.
“The banks’ economic fundamentals are solid and they have far more capital and liquidity than regulatory requirements, including Deutsche Bank,” said analysts at asset manager Amundi.
The latest news has even been positively received, in particular the takeover of “ all of the deposits and loans ” of Silicon Valley Bank (SVB), which went bankrupt in early March, by the American bank First Citizens. The latter’s stock soared 40%.
The trend remains fragile. “The markets seem to be mainly driven by growing fears of recession, after a strong start to the year”, continue Amundi analysts.
More than half of a panel of US economists expect a US recession in 2023 and nearly three-quarters see inflation remaining above 4% through the end of the year. year, according to a survey by the federation of economists NABE published on Monday.
On the bond market, sovereign debt securities were abandoned in favor of equities, a sign of renewed interest in riskier assets.
The interest rate on the German 10-year government bond, which varies inversely to the price of the bond, stood at 2.22% around 11:50 a.m. (Eastern time), compared to 2 .12% at Friday’s close. The US rate rose to 3.49% from 3.37% on Friday.
In Europe, in addition to Deutsche Bank, Commerzbank (4.15%), BNP Paribas (2.62%) and Barclays (2.58%) shares have recovered.
Bank of America (3.65%), Citi (2.99%) or Well Fargo (2.77%) were wanted on Wall Street.
Swiss pharmaceutical giant Novartis climbed 7.71% in Zurich after announcing positive results for its breast cancer drug Kisqali.
The English club Manchester United, listed on Wall Street, was tackled by investors (-7.11%), after the announcement of a new Qatari offer to buy the club made on Friday, around 5 billion pounds (5 .7 billion euros).
It remains significantly lower than the 6 billion hoped for by the current owners, the Glazer family, who do not rule out giving up a sale.
Oil prices rebound. The barrel of Brent from the North Sea for delivery in May gained 1.87% to 76.39 dollars, while the barrel of American WTI at the same maturity rose by 2.25% to 70.82 dollars, around 11:40 a.m. ( Eastern time).
On the currency side, the euro gained 0.24% against the dollar, to 1.0786 dollars for one euro. The Swiss franc was in demand. It was worth $1.0913, up 0.37%.