Stocks rebound as US and UK seek to calm investors
Stock markets around the world have bounced back after the US and UK governments again reassured markets about banks’ stability.
Investors have recently been unnerved by a string of bank failures.
But US stock markets were higher after Treasury Secretary Janet Yellen signalled the US government would protect people’s deposits if another bank collapsed.
In the UK, the FTSE closed 1.79% higher after gains in top bank shares.
UK reassurance
Meanwhile, in the UK Chancellor Jeremy Hunt told MPs that the UK’s financial system is “fundamentally strong” after facing questions from Labour’s shadow chancellor Rachel Reeves.
Ms Reeves asked whether the system is “adequate to protect taxpayers and depositors” and if the government can be confident that no other UK banks are vulnerable to failure after Silicon Valley Bank UK’s collapse.
Via BBC News