By Peter Nurse
Investing.com – European stock markets traded sharply 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.
At 05:00 ET (09:00 GMT), the in Germany traded 0.7% higher, the in France climbed 0.6% and the in the U.K. rose 1%.
A number of large U.S. banks injected $30 billion in deposits into First Republic Bank (NYSE:) 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.
This followed the announcement late Wednesday that troubled European bank Credit Suisse (SIX:) had received a financial lifeline from the Swiss National Bank.
The 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.
Final data for the Eurozone are due later in the session in a thin calendar for economic data releases, and is expected to show that inflation grew 0.8% on the month in February, up 8.5% on the year.
In corporate news, Sanofi (EPA:) stock rose 0.4% after the drugmaker said it would slash U.S. list prices for its most-prescribed insulin product, Lantus, next year following similar moves by U.S. rivals.
Casino Guichard Perrachon (EPA:) stock rose 1.8% after the French supermarket group unveiled a fresh stake sale in Brazilian cash-and-carry chain Assai as part of its ongoing plan to address its sizeable debt pile.
Wood Group (LON:) stock rose 3.5% after the deadline by which Apollo Global Management (NYSE:) is required to announce a firm offer for the engineering firm was extended.
Oil prices climbed higher Friday on hope of a response from OPEC and its allies to the week’s sharp selloff on concerns the banking crisis would hurt global economic activity.
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 05:00 ET, futures traded 0.8% higher at $68.91 a barrel, while the contract rose 0.7% to $75.20.
Both benchmarks hit their lowest…
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