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Monday,13 March 2023 at 17:13

UK and European markets closed sharply lower as the fallout from the Silicon Valley Bank collapse sent banks to their worst day in more than a year.

U.S. stocks rose as volatile trading gripped Wall Street after federal banking regulators took aggressive actions to stem the fallout of Silicon Valley Bank's failure.

Oil prices fell in volatile trading as the collapse of Silicon Valley Bank hit equities markets and raised fears of a fresh financial crisis.

Gold priced higher.

In corporate news, Biotech company Seagen surged in pre-market trade after agreeing to be bought by Pfizer in a $43bn cash deal.
Pfizer will pay $229 per share for Seagen, which discovers, develops and commercialises cancer medicines.
Pfizer believes that Seagen could contribute more than $10bn in risk-adjusted revenues in 2030, with potential "significant" growth beyond 2030.

At the close
FTSE 100 7,548 (-2.58%)
FTSE 250 18,825 (-2.75%)
DAX 14,959 (-3.04%)
At 17:00
Dow Jones 31,942 +0.09%
S&P 500 3,870 +0.25%
NASDAQ 11,242 +0.94%
Fixed Income
UK 10-YR YIELD 3.369
Exchange Rates
GBP/USD 1.216
GBP/EUR 1.131
Gold $1,910 +2.33%
Brent $80.97 (-2.04%)
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.

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