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European stocks end higher after Credit Suisse buyout boosts confidence

European stocks end higher after Credit Suisse buyout boosts confidence
Italy's FTSE MIB jumps 405 points, or 1.59%

By Ovunc Kutlu

ISTANBUL (AA) — European stock markets closed with gains on Monday after troubled Credit Suisse's buyout raised investor confidence.

UBS, a Swiss-based multinational investment bank and financial services company, announced late on Sunday that it would buy its rival for 3 billion Swiss francs ($3.2 billion), while the Swiss government guaranteed to assume losses of up to 9 billion francs from the assets.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 4.29 points, or 0.98%, to finish at 440.60.

The UK's FTSE 100 increased 68 points, or 0.93%, to end the session at 7,403.

Germany's DAX 30 added 165 points, or 1.12%, to close at 14,933. France's CAC 40, meanwhile, rose 87 points, or 1.27%, to finish at 7,013.

Italy's FTSE MIB jumped 405 points, or 1.59%, to 25,899. Spain's IBEX 35 added 113 points, or 1.31%, to 8,833.

source: News Feed
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