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European stocks jumped on Monday as some calm returned to the markets after a week of turmoil over concerns about the stability of the banking sector following the collapse of Credit Suisse and two mid-sized US banks.
The pan-European STOXX 600 rose 0.9 percent after news of a deal in which First Citizens Bankers would take over Silicon Valley deposits and loans sent investors a sense of relief.
European banking stocks rose 0.9 percent, after recording losses of 3.8 percent on Friday when a decline in Deutsche Bank raised concerns in the sector. Shares of the German bank rose 3.3 percent, after plunging 8.5 percent on Friday.
Shares in Swiss bank UBS, which took out smaller rival Credit Suisse in a bailout last week, fell 0.8 percent to trade down nearly 15 percent from their highs in early March.
Credit Suisse shares pared some of the losses and rose 0.4 percent after the Swiss financial market watchdog (Finma) announced at the weekend that it was considering whether to take disciplinary action against the bank.
European stocks are looking to end the first quarter of the year on a high amid signs of economic resilience and hope that central banks are close to halting monetary tightening cycles, but European banks are close to ending the quarter on a somewhat stable note amid banking sector turmoil.
