FTSE 100 slumps to lowest level this year as bank stock sell-off worsens
The blue-chip index was trading about 2.5% lower on Wednesday, ahead of Chancellor Jeremy Hunt’s Spring Budget.
The blue-chip index was trading about 2.5% lower on Wednesday, ahead of Chancellor Jeremy Hunt’s Spring Budget.
The FTSE 100 opened lower but has steadied as traders saw fears over potential Silicon Valley Bank contagion continued to ease.
London’s top index of blue-chip firms moved 0.4% lower to 7,515 points as it reached its lowest since January 3.
Banking shares in Asia – where the first global markets open – continued their decline on the opening bell on Tuesday.
London’s top stock markets suffered heavy losses despite reassurances from US President Joe Biden that the nation’s banking system was secure.
One tech leader said that about a third of the UK’s tech sector could have been lost if Silicon Valley Bank was not rescued.
What was SVB, why did it collapse and what is the impact in the UK? The PA news agency examines these questions.
The 11th-hour sale was agreed after all-night talks between the Government and the Bank of England.
HSBC’s deal to take over the UK arm of failed Silicon Valley Bank did not halt the slide on the London market.
Dozens of firms have reacted to the US lender’s collapse.
Chancellor Jeremy Hunt confirmed that all customer deposits have been protected under the deal, with no taxpayer cash involved.
The Bank of England announced on Friday that Silicon Valley Bank UK is set to enter insolvency.
The meltdown means distress not only for businesses but also for all their workers.
The Coalition for a Digital Economy, a non-profit campaigning for policies to support digital start-ups, has issued a warning.
The front pages are dominated by the BBC’s decision that Gary Lineker should not present Saturday’s Match of the Day.