FTSE 100 Slumps Dragged Down By Banks
(RTTNews) - U.K. stocks tumbled on Friday as banks plummeted on concerns over the health of the U.S. financial sector.
Investors also looked ahead to the release of a key U.S. jobs report later in the day that could shed further light on the rate outlook.
The benchmark FTSE 100 was down 149 points, or 1.9 percent, at 7,731 after losing 0.6 percent on Thursday.
Barclays, Lloyds, Standard Chartered and Natwest lost 3-4 percent after SVB Financial Group, which specializes in venture-capital financing, announced it had suffered significant losses on its portfolio.
Separately, crypto banking giant Silvergate said it planned to close as the sector faces more turmoil, raising concerns about the wider financial sector.
Berkeley Group Holdings was little changed. The housebuilder maintained its 2023 outlook despite a slowdown in the property sector.
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