European shares rose on Wednesday after a dip in the previous session following deadly attacks in Brussels , with Credit Suisse stock climbing after news of more cost cuts.
The pan-European FTSEurofirst 300 index rose 0.5 per cent, while the euro zone’s blue-chip Euro STOXX 50 index advanced 0.6 per cent.
Credit Suisse rose 2 per cent after it announced 800 million Swiss francs in additional cost cuts and plans to shrink its investment bank further as it pushes ahead with a restructuring plan aimed at revitalising its earnings.
“It is positive that Credit Suisse is taking more action and reducing risk weighted assets in global markets,” RBC Europe analyst, Fiona Swaffield, said.
Also among the gainers, technology group Hexagon rose after Morgan Stanley raised its rating on the stock to "overweight” from “equal weight’’.
Among other standout movers, Italy’s post office operator Poste Italiane advanced as its dividend targets pleased investors, but gambling group William Hill slumped 13 per cent after warning of lower profits.
William Hill’s woes also weighed on the shares of rival bookmakers such as Ladbrokes and Paddy Power Betfair , which fell 4.6 per cent and 2 per cent, respectively.
European travel and leisure shares also underperformed for a second straight session, as the sector continued to feel the effects of Tuesday’s attacks on Brussels.
The STOXX Europe 600 Travel & Leisure Index fell 0.1 per cent, adding to a 1.8 per cent decline following the attacks which killed at least 30 people.
Some investors remained cautious about the near-term outlook, with the FTSEurofirst still down about 7 per cent since the start of 2016 on concerns about a global economic slowdown.
“We are in a bear market. We pulled up a bit in February and March, but I think the most likely direction for now is down,’’ ACIES Asset Management hedge fund manager, Andreas Clenow, said.