A relief rally at the move by Wall Street lenders to support First Republic Bank faded into the start of US trading, with concern at the wider problems in the banking sector stoking a sense of caution.
iCapital Chief Investment Strategist Anastasia Amoroso warned of a system issue in the US banking system unearthed by the collapse of Silvergate and Silicon Valley Bank. She told Bloomberg: “I don’t think those are idiosyncratic issues -- I think there is a broader problem.”
The FTSE 100 turned round from earlier gains to fall overall at the end of a a turbulent week of stock market trading.
Fund managers and insurers were among the biggest fallers, outweighing support from miners and oil stocks led today’s rally amid improved confidnce in the economic outlook.
