3/29, 5:30 PM (Source: TeleTrader)
more TeleTrader news

Europe closes higher on banking sector recovery signs

Major stock market indexes in Europe closed higher on Wednesday amid signals of the crisis in the banking sector easing following UBS Group's renaming Sergio Ermotti as chief executive officer (CEO). Meanwhile, European Central Bank (ECB) Chief Economist Philip Lane stated the Eurozone's banking system is not at imminent risk of a crisis and predicted inflation will decline to 2.8% by the end of the year.

The DAX closed 1.23% or 186 points higher as Infineon Technologies AG skyrocketed by 6.90%. The FTSE 100 advanced by 0.95%, with Ocado Group PLC surging by 7.61%. The CAC 40 traded 1.35% higher at the close as STMicroelectronics NV soared by 6.00%. The Eurostoxx 50 gained 1.41%, with Infineon being the top performer on that index too.

The euro lost 0.09% to the dollar at 5:28 pm CET to go for $1.08342. At the same time, the pound sterling declined by 0.16% against the greenback to sell for $1.23234.

Baha Breaking News (BBN) / JR