FTSE 100 slumps to lowest level this year as bank stock sell-off worsens
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy London’s FTSE 100 has slumped to its lowest levels this year as banking shares plunged amid resurging fears over the health of the global financial system. All eyes were supposed to be on the Budget this week but the collapse of Silicon Valley Bank with concerns about financial contagion has superseded the famous red box Victoria Scholar, Interactive Investor Morale in the banking sector was sinking lower amid reports of temporary share suspensions for big European banks such as Credit Suisse, Societe Generale and BNP Paribas, following sharp falls in their share price. Victoria Scholar, head of investment at Interactive Investor, said: “All eyes were supposed to be on the Budget this week but the collapse of Silicon Valley Bank with concerns about financial contagion has superseded the famous red box. “It has been a volatile week for financial markets as investors weigh up the negative economic impact from the bank’s failure versus the prospect of more accommodative monetary policy from the Bank of England and the Federal Reserve.” Russ Mould, investment director at AJ Bell, said: “It would be nice to have a sense of calm across the markets following troubles earlier this week but it’s clear that investors remain nervous about what might be lurking in the shadows.” He added: “To be fair, a lot of investors will be waiting for the Budget later today before committing any new money to equities or shifting their portfolio.”
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