Good morning from London and welcome to the new week, which has started with the FTSE 100 hitting fresh two-month lows this morning.
Sentiment in the US and UK has been affected by the collapse of the Silicon Valley Bank on Friday. The bank had been a popular choice for startups on both sides of the Atlantic. HSBC this morning bought SVB’s UK arm for £1, allowing customers to access the banks services as usual, according to the Treasury. And US regulators introduced emergency measures on Sunday night to ensure deposits at the failed bank could still be accessed.
Other news now, insurance group Direct Line recorded tumbling profits, down 95% from 2021 to £32.1mln, blaming inflation and bad weather for an increase in claims and claims values.
TotalEnergies has been given the nod to build Wales’s first floating wind farm, set to produce enough electricity for 93,000 homes by 2026.