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Monday,13 March 2023 at 08:58
UK and European markets opened mixed as global
investors focus on the fallout from the Silicon Valley Bank collapse.
traded mixed as U.S. regulators announced plans to backstop
both depositors and financial institutions associated with Silicon Valley Bank,
seen as a move to stem further systemic risk.
Oil prices slipped in
morning trade as concerns about possible further U.S. interest rate hikes
continue to rattle investors.
Gold prices jumped
more than 1% and made a run towards the key $1,900 level as
fears of a fallout from the largest U.S. bank failure since the 2008 financial
crisis drove investors to the safe-haven asset.
In corporate news, insurer Direct
Line was under the cosh after saying it swung to a
full-year loss as it took a hit from inflation, and warning that 2023 earnings
will be impacted by higher-than-expected claims inflation in the motor
In the year to the end of December 2022, the company swung to a pre-tax loss of
£45.1m from a profit of £446m the year before, while operating profits slumped
94.6% to £32.1m.
FTSE 100 7,667 (-1.04%)
FTSE 250 19,175 (-0.94%)
DAX 15,313 (-0.74%)
At the close
Dow Jones 31,901 (-1.07%)
S&P 500 3,861 (-1.45%)
NASDAQ 11,138 (-1.76%)
UK 10-YR YIELD 3.520
Gold $1,879 +0.66%
Brent $82.58 (-0.12%)
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.