The German DAX rose 1.3 per cent to scale a record high, boosted by automakers and a 1.6 per cent rise in Deutsche Bank. — Reuters picFRANKFURT, March 31 ― European shares ended close to record highs yesterday on hopes of a vaccine-driven economic recovery, while investors looked past the fallout of a US hedge fund default that hit banking stocks a day earlier.
Swiss lender Credit Suisse fell 3.1 per cent, following its near 14 per cent slide in the previous session as it warned of “highly significant and material” losses after the fund, named by sources as Archegos Capital, defaulted on margin calls. Economically sensitive cyclical sectors such as autos, banks and travel and leisure have been the top performers this quarter as investors snapped up the cheap stocks on hopes that the reopening of economies will spur growth in the sectors.
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