After two turbulent sessions, European markets rebounded, rebounding 1.86% in Paris, 1.83% in Frankfurt and 1.17% in London. On the Swiss Stock Exchange, the SMI rose 0.8% to 10,716.72 points.
On Wall Street, the Dow Jones gained 1%, the Nasdaq index gained 2.14% and the broader S&P 500 index, 1.62% at 5:00 p.m. GMT.
The disruptions experienced by the American banking sector following the bankruptcy of Silicon Valley Bank (SVB) should have a limited impact on European establishments, which are organized differently, according to the American financial rating agency Moody’s.
US inflation slowed further in February to 6% year on year, its lowest level in nearly a year and a half. It also decelerated over one month, to 0.4%, again in line with analysts’ expectations.
>> Lire:
Inflation at its lowest for more than a year in the United States
Fed rate
But economists are worried about inflation excluding food and energy prices, which rose again over one month, to 0.5% against 0.4%.
Investors who were still wondering last week whether the Fed would raise rates by 25 or 50 basis points due to the resilience of the job market and inflation, are now considering 25 points or even a pause in the monetary tightening.
>> The analysis in Forum by Catherine Reichlin, bond investment specialist at Banque Mirabaud:
For its part, the European Central Bank (ECB) is expected to raise rates on Thursday by half a percentage point for the third time in a row, but observers speculate on the continuation of its monetary tightening in the face of the persistence of the inflation and turbulence in the banking sector.
>> Read also:
European stock markets end sharply lower, Credit Suisse and UBS battered
Banks reassure themselves
Financial institutions, which lost more than 450 billion euros in market capitalization in two days, according to the MSCI financial world index, resumed colors like Deutsche Bank (+4.09%), Commerzbank (+ 4.18%), BNP Paribas +3.08%, Société Générale +2.26%, Banco BPM +1.33%, Standard Chartered 1.16% and HSBC 1.57%. For its part, the UBS share jumped +3.6% while that of Credit Suisse lost another 0.8%.
Massacred on the stock market for three sessions, the American regional banks began to stop the bleeding: First Republic Bank rose by more than 55% and Western Alliance by 42% around 4:45 p.m. GMT.
The dollar recovered a little against other currencies. The euro fell 0.12% to 1.0718 dollars and the pound 0.22% to 1.2115 dollars around 4:55 p.m. GMT.
afp/kkub