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Friday,17 March 2023 at 17:04
UK and European stocks rounded off a turbulent weekwith a negative session despite announcements that Credit Suisse and First Republic Bank would receive financial help designed to prevent a crisis in the banking sector.
U.S stocks were trading lower as banks were at the centre of selling pressure the day after a consortium of 11 big U.S. banks had banded together to deposit $30 billion into First Republic (FRC) in a bid to stabilize the banking system.
Oil prices firmed after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations
Gold prices surged over 2% as a wave of banking crises shook markets in bullion’s biggest weekly rise in four months.
In corporate news, SVB Financial Group - the parent company of collapsed Silicon Valley Bank - has filed for Chapter 11 bankruptcy protection in the US.
In a statement on Friday, it said SVB Securities and SVB Capital's funds and general partner entities are not included in the filing and continue to operate normally.
At the close
FTSE 100 7,335 (-1.01%)
FTSE 250 18,470 (-1.53%)
DAX 14,768 (-1.33%)
Dow Jones 31,899 (-1.07%)
S&P 500 3,922 (-0.94%)
NASDAQ 11,633 (-0.72%)
UK 10-YR YIELD 3.282
Gold $1,961 +2.23%
Brent $73.07 (-2.08%)
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.