Global stocks rise as anxiety over banks starts to fade

Global stocks have risen after anxiety about the global financial system began to fade following three high-profile bank failures. Shares rose in most major markets except for Shanghai, which edged lower. Hong Kong surged more than 2% after e-commerce giant Alibaba announced plans to split into six business units. Oil prices gained. Fears that global banks might be cracking under the strain of interest rate hikes to cool inflation temporarily pushed aside unease about slowing economic growth. Some calm has returned after regulators announced measures to shore up the system. The failure of two U.S. banks and one in Switzerland creates a dilemma for central bankers who are trying to cool inflation that is near multi-decade highs.