European stocks rose as investor fears subsided after Credit Suisse received a financial aid

European stocks rose Thursday, March 16th, as troubled Credit Suisse rose after receiving financial aid from the Swiss National Bank (SNB), easing some fears of a global banking crisis, although caution prevailed ahead of the European Central Bank’s interest rate decision.

The Stoxx 600 index rose 0.9%, by 08:15 GMT. The index has fallen about 3% so far this week as the collapse of the US SVB raised concerns about the global banking sector and led to a decline in bank stocks.

The banking sector index rose 2.3% in early trading, after recording its largest daily decline in more than a year in the previous session.

Credit Suisse recovered, up 28%, after saying it would borrow up to $54 billion from the Swiss National Bank to boost liquidity and investor confidence.

Shares of the bank plunged 24 percent on Wednesday.

All eyes are on the European Central Bank meeting later in the day, in the first big test of how policymakers respond to the growing concerns about banks.