European banks surge on strong Q1 results from U.S. peers
2023.04.14 11:08
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© Reuters. FILE PHOTO: The logo of Deutsche Bank is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman
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LONDON (Reuters) – European banks surged on Friday, rising to a one-month high, gaining support from U.S. lenders, which reporting better-than-expected results in the first quarter.
The index of European banks gained as much as 3% to reach its highest since mid-March after JPMorgan (NYSE:), Citigroup (NYSE:) and Wells Fargo (NYSE:) beat estimates.
Banks largely outperformed the broader market, with the STOXX 600 index climbing 0.6% as risk assets gained support from expectations the U.S. Federal Reserve may soon finish raising interest rates.
Germany’s Commerzbank (ETR:) and Deutsche Bank (ETR:) rose 5% and 4.2%. Societe Generale (OTC:), UBS, Credit Suisse and BPER Banca rose between 2% and 4%.
In London, Standard Chartered (OTC:) shares rose 4.3% to three-week highs, Barclays (LON:) shares were up 3%, touching a five-week high, while HSBC shares up 3.1% to one month highs.
