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Friday,17 March 2023 at 08:56

UK and European markets opened higher after Credit Suisse and First Republic Bank received financial help designed to prevent a crisis in the banking sector.

Asia-Pacific markets were higher after major Wall Street banks pledged a deposit of $30 billion in First Republic Bank in an attempt to bolster confidence in the banking system.

Oil prices were little changed after a meeting between Saudi Arabia and Russia calmed markets, but crude benchmarks were still headed for a second weekly fall after a banking crisis sparked a sell-off in global financial markets this week.

Gold prices rose, buoyed by a weaker dollar, and were poised for their biggest weekly gain since mid-November as the global banking crisis sent investors flocking to the safe-haven metal.

In corporate news, Bodycote reported a jump in full-year profit and revenue.

In the year to the end of December 2022, headline operating profit rose 19% to £112.2m, on revenues of £743.6m, up 20.8% on the previous year.

At 08:15
FTSE 100 7,510 +1.34%
FTSE 250 18,894 +0.72%
DAX 15,107 +0.95%
At the close
Dow Jones 32,246 +1.17%
S&P 500 3,960 +1.76%
NASDAQ 11,717 +2.48%
Fixed Income
UK 10-YR YIELD 3.384
Exchange Rates
GBP/USD 1.214
GBP/EUR 1.139
Gold $1,930 +0.59%
Brent $75.31 +0.92%
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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