European bank stocks rose on Monday, rebounding from last week's declines, amid improved sentiment in the banking sector after a buyer emerged for the deposits and loans of U.S. lender Silicon Valley Bank.
Deutsche Bank shares rallied more than 5%, after an 8.5% fall on Friday. Its CDS DB5YEUAM=MG fell to 191 basis points, after shooting up above 220 bps on Friday - the most since late 2018 - data from S&P Market Intelligence showed.
"It looks like Friday’s panic over Deutsche Bank was a bit misplaced. But the steady drain of deposits from banks means a slow motion problem is in the making, and could result in a contraction in lending that brings on a recession," Chris Beauchamp, chief market analyst at IG Group. "This is the bigger risk than the hunt last week for the next domino to fall in the global banking system," he added.
Lenders across the region have had a rough ride this month, with a state-orchestrated rescue of Credit Suisse by rival UBS and turmoil among regional U.S. banks fuelling concerns for the sector. Reporting by Joice Alves, additional reporting by Chiara Elisei; Editing by Amanda Cooper and Sharon Singleton
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