The flagship CAC 40 index advanced 63.17 points to 7,078.27 points. On Friday, the main index of the Parisian market had fallen 1.74%, reducing by more than half its weekly rebound at the beginning of the week.
"There is not much visibility" on the crisis in which the global banking sector has been entangled for nearly three weeks, said Andrea Tueni, analyst at Saxo bank.
But the latest news has been more reassuring from the point of view of investors, with the purchase of "all deposits and loans" of Silicon Valley Bank (SVB), which went bankrupt in early March, by the US bank First Citizens.
While the pressure was strongly mounted on Deutsche Bank on Friday, no news came to revive it during the weekend and the tension on this stock, and on the entire European banking sector, has decreased.
The president of the French Banking Federation (FBF), Philippe Brassac, assured AFP on Monday that the notion of a banking crisis was "irrational". Any comparison with the 2008 crisis is inappropriate, according to him, "because there is no transmission between the banks' balance sheets".
But the market remains "nervous", with still "the fear of unanticipated bad news" that may arise "as early as tomorrow", says Tueni.
A sign that investors have returned to riskier financial investments, government bonds have been abandoned and interest rates have therefore risen: the interest rate for the French 10-year bond has risen to 2.74%, against 2.65% Friday at the close.
Banks on the bounce
Bank shares rebounded on Monday, although their share price remained volatile and changed direction several times during the session. BNP Paribas gained 2.62% to 51.79 euros, Crédit Agricole 0.90% to 10.03 euros, Société Générale 0.31% to 19.96 euros.
New coin set at Casino
After experiencing another nightmarish week on the stock market after the downgrading of its rating by the rating agency Moody's and the difficulties of the parent company Rallye, the distribution group Casino has recovered 6.13% to 5.97 euros.
© 2023 AFP