European stocks rally to close higher as investors shake off banking woes

By Ovunc Kutlu

ISTANBUL (AA) - European stock exchanges rallied on Wednesday to close higher as investors managed to shake off worries amid a looming banking crisis.

The STOXX Europe 600, which includes around 90% of the market capitalization of the European market in 17 countries, rose 5.76 points, or 1.3%, to finish at 450.21.

The UK's FTSE 100 increased 80 points, or 1.07%, to end the session at 7,564.

Germany's DAX 30 added 186 points, or 1.23%, to close at 15,328. France's CAC 40, meanwhile, rose 98 points, or 1.39%, to finish at almost 7,187.

Italy's FTSE MIB was the best performer of the day, soaring 409 points, or 1.56%, to 26,739.

Spain's IBEX 35 increased 126 points, or 1.41%, to close at 9,070.

European stocks have been under pressure in recent weeks with the sudden demise of Credit Suisse. Its rival, UBS, reached an agreement on March 19 to buy the bank for 3 billion Swiss francs ($3.26 billion).

Investors were worried that issues of Credit Suisse could spill over to other banks in Europe.