Tuesday,14 March 2023 08:39:57

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Tuesday,14 March 2023 at 08:40

UK and European markets opened cautiously higher as the aftershocks from Silicon Valley Bank’s collapse continue to ripple through financial markets.

Asia-Pacific markets tumbled in a volatile session, after sharp losses seen overnight on Wall Street as investors grappled with the fallout of failed banks in the U.S., including Silicon Valley Bank.

Oil prices slipped as the collapse of Silicon Valley Bank startled equities markets and raised worries about a fresh financial crisis.

Gold prices slipped from a more than five-week high.

In corporate news, the parent company of Silicon Valley Bank and two of its top executives have been sued by shareholders over the collapse of the tech-focussed lender.

Shareholders accused SVB Financial Group chief executive Greg Becker and chief financial officer Daniel Beck of concealing how rising interest rates would impact the bank.

Markets

At 08:15

FTSE 100 7,513 (-0.46%)

FTSE 250 18,795 (-0.15%)

DAX 15,024 +0.43%

At the close

Dow Jones 31,819 (-0.28%)

S&P 500 3,855 (-0.15%)

NASDAQ 11,188 +0.45%

Fixed Income

UK 10-YR YIELD 3.401

Exchange Rates

GBP/USD 1.214

GBP/EUR 1.136

Commodities

Gold $1,908 (-0.23%)

Brent $79.57 (-1.38%)

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.