European Shares Gain After Credit Suisse Liquidity Injection

European stocks traded higher on Thursday as traders assessed moves from regulators to support Credit Suisse.

The European Central Bank is set to announce its interest-rate decision later in the day, with analysts remaining divided over whether the central bank will agree a 25 or 50 basis point rise.

ECB President Christine Lagarde holds press conference at 9.45 am ET.

The pan European STOXX 600 rose 0.6 percent to 438.91 after plunging 2.9 percent on Wednesday.

The German DAX and France’s CAC 40 index both gained around 0.9 percent, while the U.K.’s FTSE 100 was up half a percent.

Credit Suisse shares jumped 20 percent. The Swiss lender, which is at the center of Europe’s banking rout, said it would borrow up to $54 billion from the Swiss central bank to shore up liquidity and investor confidence.

Peers Commerzbank, Deutsche Bank, HSBC, Lloyds Banking and Barclays climbed 2-3 percent.

British gold mining Centamin gained 0.8 percent after reporting a rise in FY22 pre-tax profit on higher revenue.

United Utilities fell about 1 percent. The water company confirmed that its Chief Executive Officer, Steve Mogford, is retiring with effect from March 31.

Investec rallied 2.7 percent after the niche bank and wealth manager said it expects a jump operating profit for the year to the end of March 2023.

German energy firm Siemens Energy advanced 2.6 percent after announcing a capital increase.

DEUTZ lost 2 percent despite more than doubling its FY22 adjusted EBIT.

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