European stocks close higher as banking concerns continue to ease; H&M up 16%
Publishing timestamp: 2023-03-30 12:03:54
Summary
European stock markets closed higher as concerns over the banking sector ease. Retail and tech stocks led the pack, while food and beverages dropped. UBS shares rose after the announcement of Sergio Ermotti's return as CEO. The chair of the EU's banking Single Resolution Board stressed the good resiliency of the European banking system but also the need for vigilance. Spanish annual inflation rate fell from 6% to 3.3% in March. H&M shares climbed more than 16% after the company reported a surprise first-quarter profit. The European Central Bank is cautious about raising rates too quickly due to sticky underlying inflation. Goldman Sachs sees a substantial opportunity for technology firms in India's plan to boost manufacturing.
Sentiment: MIXED
Tickers: BABA, UBSG-CH, .FTSE, CSG.N-CH, .STOXX, HNNMY, .FTMIB, .GDAXI, .FCHI,
Keywords: h & m hennes & mauritz ab, stoxx 600, ubs group ag, business news, breaking news: europe, australia, united states, credit suisse group ag,
Source: https://www.cnbc.com/2023/03/30/european-markets-live-updates-stocks-data-news-and-earnings.html