European stock futures higher; banking support boosts sentiment

FxPremiere.com – Telegram FX Signals – European stock markets are expected to open higher Friday, with sentiment boosted by moves in both Europe and the United States to support under-pressure lenders, likely preventing a full-blown banking crisis.

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At 03:00 ET (07:00 GMT), the DAX futures contract in Germany traded 0.4% higher, CAC 40 futures in France climbed 0.1% and the FTSE 100 futures contract in the U.K. rose 0.8%.

A number of large U.S. banks injected $30 billion in deposits into First Republic Bank (NYSE:FRC) on Thursday, moving to support the lender which had been caught up in the backwash triggered by the failure of two other regional U.S. lenders last week.

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This followed the announcement late Wednesday that troubled European bank Credit Suisse (SIX:CSGN) had received a financial lifeline from the Swiss National Bank, strengthening its liquidity as it has struggled with substantial customer outflows after a string of scandals in recent years.

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The European Central Bank raised interest rates by 50 basis points on Thursday, suggesting the policymakers remain confident that the region’s banking sector will be able to cope with more monetary tightening even in these troubled times.

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Reports indicated that energy ministers from Saudi Arabia and Russia met in Riyadh on Thursday to discuss potential action to support the crude market, which is on course for its biggest weekly loss this year.

The advisory committee of the Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, will meet on April 3.

By 03:00 ET, U.S. crude futures traded 0.4% higher at $68.65 a barrel, while the Brent contract rose 0.4% to $75.03.

Both benchmarks hit their lowest levels in more than a year this week and are set to post weekly falls of around 10%, their biggest since December.

Additionally, gold futures rose 0.7% to $1,936.80/oz, while EUR/USD traded 0.6% higher at 1.0665.

European stock futures higher; banking support boosts sentiment

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Wall Street closes higher as First Republic helps lift banks

European stock futures higher; banking support boosts sentiment