Banks lead US stocks higher amid bailout optimism, as the ASX looks set to recover some of yesterday's fall. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
By Michael JandaWhile Aussie and Asian traders weren't too sure yesterday, overnight the key US and European markets gave something of a seal of approval to Sunday's dramatic Credit Suisse bailout and a rare coordinated action by major central banks to provide US dollars to banks that need them., with both the regional and broader banking sectors posting gains.
PacWest Bancorp rose after the bank said deposit outflows had stabilised, while New York Community Bancorp climbed after agreeing to buy deposits and loans from Signature Bank. "Where it is another bank coming in, that is the kind of headline that helps underpin confidence in the banking system," Quncy Krosby, the chief global strategist at LPL Financial told Reuters.First Republic Bank, which slumped another 47.1 per cent to $12.18Beyond banking, all of the other sectors on the SEurope's benchmark share index rose 1 per cent, with its blue chip index even stronger, while London's FTSE also rose 0.9 per cent.
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