European stocks reached a near record high on growing hopes of a global economic recovery, while Credit Suisse shares fell following a warning of “significant” losses from exiting positions.
The Swiss bank fell 9.5 per cent as it said an unnamed hedge fund defaulted on margin calls made last week by Credit Suisse and other banks.
It said that, while it was “premature to quantify” the resulting loss, “it could be highly significant and material to our first quarter results”.
Meanwhile, the pan-European Stoxx 600 index rose 0.3 per cent as investors grew confident about a strong global economic rebound from the pandemic, led by the US.
The export-heavy German Dax rose 0.6 per cent to an all-time high as data over the weekend showed annual profits at China’s industrial firms surged in the first two months of 2021.
Asian share markets also edged higher with MSCI’s broadest index of Asia-Pacific shares outside Japan adding 0.3 per cent. Chinese blue chips rose 0.8 per cent.
Japan’s Nikkei gained one per cent, though there was some concern when Nomura reported its US unit could face a $2bn (£1.4bn, €1.6bn) loss related to a client.
In currencies, the dollar held at 109.50 yen, having reached its highest since early June on Friday at 109.84. The dollar index stood at 92.774, after reaching its highest since mid-November.
The euro was last at $1.1786, having hit a five-month low of $1.1760 last week.
Oil prices eased as markets thought the re-floating of the Ever Given in the Suez Canal would allow tankers to use the waterway again. There were over 300 vessels stuck on the shipping route which accounts for 12 percent of global trade.
Brent fell 90 cents to $63.67 a barrel, while US crude lost $1.03 to $59.94 per barrel.