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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
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%)
Dow Jones 31,942 +0.09%
S&P 500 3,870 +0.25%
NASDAQ 11,242 +0.94%
UK 10-YR YIELD 3.369
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.