First Citizens Bancshares says it will take the deposits and loans of failed Silicon Valley Bank
The London Stock Exchange Group offices are seen in the City of London on December 29 2017. File Picture: REUTERS/Toby Melville/File Photo
The pan-European Stoxx 600 index was up 1% at 0942 GMT. The Stoxx banks index jumped 2.3% in early trading and was last up 0.8%. “Banks have been under an immense amount of pressure. SVB and Credit Suisse put banks under a microscope on the impact that higher rates would have on certain credits,” said Victor Balfour, investment strategist at Rothschild in London.While inflation has not yet subsided, focus should shift in the coming months to corporate earnings expectations, which fell during the second half of last year, Balfour said.
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