Stocks in the Asia Pacific region rose as concerns about the global banking sector eased in response to a whirlwind of intervention by policymakers and industry players.
Europe’s Stoxx Europe 600 index gained 1.5% in early trade, while the region’s Stoxx Europe 600 Banks index, which tracks 42 big EU and UK banks, jumped 3.6%. But the bank-specific benchmark is still down almost 13% from its high in late February. London’s bank-heavy FTSE 100\n \n index rose 1.4% in morning trade, while France’s CAC 40\n \n posted gains of 1.7% and Germany’s DAX\n \n 1.6%. In Asia Pacific, Australia’s S&P/ASX 200 rose 1.
On Monday, central banks across Asia Pacific moved to quell concerns about the financial industry, though that did little to stop stocks from slumping initially that day. Authorities in Australia, Hong Kong, Singapore and the Philippines assured the public that their money was safe following the emergency bailout of Credit Suisse over the weekend.
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