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European stocks near record highs on recovery hopes; Credit Suisse slumps

Published 03/29/2021, 03:18 PM
Updated 03/29/2021, 03:20 PM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 29 (Reuters) - European stocks edged closer to a
record high on Monday on optimism over a global economic
recovery, while Credit Suisse tumbled following a warning of
"significant" losses from exiting positions after a U.S.-based
hedge fund defaulted on margin calls.
The Swiss bank CSGN.S fell 9.5% as it said the unnamed
hedge fund defaulted on margin calls made last week by Credit
Suisse and other banks and said that while it was "premature to
quantify" the resulting loss, "it could be highly significant
and material to our first quarter results". The pan-European STOXX 600 index .STOXX rose 0.3%,
tracking gains in Asia as investors grew confident about a
strong global economic rebound from the COVID-19 pandemic, led
by the United States.
The benchmark STOXX 600 has lagged its U.S. counterpart in
the past six months as new lockdowns in the continent and a
slower-than-expected vaccination programme dented the economic
outlook for Europe.
The export-heavy German DAX .GDAXI rose 0.6% to an
all-time high as data over the weekend showed annual profits at
China's industrial firms surged in the first two months of 2021,
highlighting a rebound in the country's manufacturing sector.
Hugo Boss BOSSn.DE slipped 0.7% after German fashion house
got caught in a concerted boycott by Chinese celebrities and
consumers over Western accusations of forced labour in Xinjiang.

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