European markets cautiously higher; Credit Suisse soars after central bank backstop - CNBC

Beleaguered bank Credit Suisse held steady at the top of the Stoxx 600 in afternoon deals, despite paring some gains earlier in the trading session.

Also trading higher were shares of U.K. pest control business Rentokil, which were up 11% after it posted a profit uplift and hiked its dividend for shareholders.

Markets will also be looking to the latest monetary policy announcement from the European Central Bank at 1:15 p.m., which will be followed by a press conference by ECB President Christine Lagarde.

A 50 basis point hike had been widely expected though recent volatility has led markets to pare back bets on its likelihood, and Lagarde's remarks will be closely-watched.

Beat Wittmann, partner at Porta Advisors, discusses the crises that Credit Suisse and Silicon Valley Bank are facing, and says "now it's really time for policymakers to restore confidence and liquidity in the system."

The central bank is expected to announce a 50 basis point rate hike, as signaled by ECB President Christine Lagarde previously, as inflation remains elevated.