Wednesday,15 March 2023 17:17:08

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Wednesday,15 March 2023 at 17:19

UK and European stock markets fell sharply, with banking stocks deep in negative territory amid the global Silicon Valley Bank fallout and more bad news for Credit Suisse.

U.S. stocks plunged as two economic prints showed a slowdown in February.

Oil prices plunged more than 6% to their lowest in more than a year as unease over Credit Suisse spooked world markets and offset hopes of a Chinese oil demand recovery.

Gold reversed course and rose as a tumble in Credit Suisse shares rekindled fears about the banking sector and hammered appetite for riskier assets.

In corporate news, Zara-owner Inditex report a surge in full-year sales and profits on Wednesday, as restrictions were lifted and shoppers returned to stores.

The Spanish chain, which also owns Pull & Bear and Massimo Dutti, among others, said sales rose 17.5% in 2022 to €32.6bn.

Net income was €4.1bn, a 27% improvement on the previous year.

Markets

At the close

FTSE 100 7,344 (-3.83%)

FTSE 250 18,625 (-2.63%)

DAX 14,735 (-3.27%)

At 17:00

Dow Jones 31,468 (-2.13%)

S&P 500 3,842 (-1.95%)

NASDAQ 11,270 (-1.37%)

Fixed Income

UK 10-YR YIELD 3.320

Exchange Rates

GBP/USD 1.204

GBP/EUR 1.140

Commodities

Gold $1,925 +1.29%

Brent $72.42 (-6.54%)

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.