European stocks continue to recover as banking concerns ease

European stocks rose today, Tuesday, as investors’ hopes of containing the banking crisis revived, after a deal to take over the deposits and loans of the collapsed US Silicon Valley Bank.

According to “Reuters”, the European Stoxx 600 index rose 0.7 percent by 0708 GMT, continuing the rise for the second day in a row, after last week’s losses in bank shares that resulted from the collapse of Credit Suisse and two medium-sized US banks.

The European banking sector index rose 1.6 percent, after rising 1.4 percent on Monday.

Shares of Swiss bank UBS jumped 2.4 percent after its CEO, Ralph Hammers, said in an internal note seen by Reuters that the bank sees its acquisition of Credit Suisse, which was made under the supervision of Swiss authorities, as an opportunity for growth.

Credit Suisse shares rose 3.1 percent.