European Bank Stocks Rally on SVB Deal and Investor Optimism

Global shares edged higher as First Citizens BancShares announced it would take the deposits and loans of failed Silicon Valley Bank, easing concerns about banking stress. The pan-European index rose 1%, while the STOXX banks index jumped 2.3% in early trading. Deutsche Bank shares rose about 4% after leading declines in the sector on Friday. Minneapolis Fed President Neel Kashkari said officials were watching closely to see if banking stress led to a credit crunch that threatened to tip the economy into recession. Oil prices were little changed, nursing losses of almost 10% for the month as worries about global growth undermine commodities in general.