European stocks near record highs on recovery hopes; Credit Suisse slumps

The pan-European STOXX 600 index rose 0.3%, tracking gains in Asia as investors grew confident about a strong global economic rebound from the COVID-19 pandemic, led by the United States. The benchmark STOXX 600 has lagged its U.S. counterpart in the past six months as new lockdowns in the continent and a slower-than-expected vaccination programme dented the economic outlook for Europe.

Reuters | London | Updated: 29-03-2021 12:53 IST | Created: 29-03-2021 12:48 IST
European stocks near record highs on recovery hopes; Credit Suisse slumps
Representative Image Image Credit: Pixabay

European stocks edged closer to a record high on Monday on optimism over a global economic recovery, while Credit Suisse tumbled following a warning of "significant" losses from exiting positions after a U.S.-based hedge fund defaulted on margin calls.

The Swiss bank fell 9.5% as it said the unnamed hedge fund defaulted on margin calls made last week by Credit Suisse and other banks and said that while it was "premature to quantify" the resulting loss, "it could be highly significant and material to our first-quarter results". The pan-European STOXX 600 index rose 0.3%, tracking gains in Asia as investors grew confident about a strong global economic rebound from the COVID-19 pandemic, led by the United States.

The benchmark STOXX 600 has lagged its U.S. counterpart in the past six months as new lockdowns in the continent and a slower-than-expected vaccination program dented the economic outlook for Europe. The export-heavy German DAX rose 0.6% to an all-time high as data over the weekend showed annual profits at China's industrial firms surged in the first two months of 2021, highlighting a rebound in the country's manufacturing sector.

Hugo Boss slipped 0.7% after the German fashion house got caught in a concerted boycott by Chinese celebrities and consumers over Western accusations of forced labor in Xinjiang.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION / BLOG / INTERVIEW

Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...

Videos

Latest News

Senior Hamas commander killed as Israel strikes Gaza, Palestinians fire rockets

Israel said it killed 16 members of the Hamas military wing in a air strike on Gaza on Wednesday and Palestinian militants rained rockets into Israel as global concern mounted over their most intense hostilities in years. At least 53 people...

Johnson urges Israel, Hamas away from "brink"

Prime Minister Boris Johnson says he wants to see an urgent de-escalation of tensions between Israel and Hamas amid the most severe outbreak of violence since the 2014 Gaza war.Johnson tweeted on Wednesday that the United Kingdom is deeply ...

Fuel shortages worsen on sixth day of top U.S. fuel pipeline outage

Fuel shortages worsened in the southeastern United States on Wednesday, as the shutdown of the largest U.S. fuel pipeline network entered its sixth day and gasoline stations ran out of supply in some cities. A ransomware attack on the Colon...

Italy's Draghi calls for US and UK to lift block on COVID vaccine exports

Italian Prime Minister Mario Draghi said on Wednesday that the United States and Britain should lift their block on the export of COVID-19 vaccines. Draghi told the lower house of parliament he shared the aim behind U.S. President Joe Biden...

Give Feedback