European markets open at close, results, data and news

First Republic shares fell 18% in extended trading, erasing an afternoon rally sparked by a $30 billion filing plan announced by the nation’s biggest banks.

While the move gives First Republic a sizable pile of cash, the bank announced after the bell that it had borrowed tens of billions of dollars from the Federal Reserve and Federal Home Loan Bank over the past week. Deposit outflows have now “significantly slowed”, the bank said.

First Republic also announced that it was suspending its common stock dividend.

—Jesse Pound

Former Reserve Bank of India Governor Raghuram Rajan thinks it’s still too early to say whether the US bailout aimed at stemming bank contagion risks has worked.

“I think what’s happened so far, in terms of rescues, is sort of first aid. The question is – is there a slow bleeding that continues,” he said. he told CNBC’s “Street Signs Asia.”

“My feeling is that we won’t know if the Fed has succeeded in this rescue mission for a few weeks and we don’t see any more problems.”

Rajan, now a professor of finance at the University of Chicago Booth School of Business, noted that questions remain around the collapse of Silicon Valley Bank.

“There are a lot of questions that need to be answered here,” he said. “How come a mid-sized bank ignored interest rate risk?”

He added that regulators need to restore confidence in small and medium-sized banks, which means “signaling very clearly that troubled banks have been taken care of and I think we’re not there yet.”

— Sumathi Bala

European stock markets are expected to open higher across the board.

The UK’s FTSE index is expected to see a 45-point increase to 7,454.7, according to IG data, while the DAX will jump 32.5 points to 15,030.9. France’s CAC is expected to rise 23.5 points to 7,066.1 while Italy’s MIB will gain 150 points to 25,621.5.