Heavy selling continues as banks bear brunt of investors' nerves

MARKET ROUND-UP

- Graeme Evans

HSBC’s rescue deal for the UK arm of Silicon Valley Bank failed to ease investor nerves today as more heavy selling swept through London-listed shares.

The FTSE 100 index tumbled another 2.2% on top of Friday’s 1.7% decline, reflecting market fears over what the US bank’s failure reveals about the mounting risks from higher interest rates and weaker economic growth

Financial stocks endured more big losses as the FTSE 100 dropped as far as 7550 at one point, just 100 points higher than where it started the year. The top flight later stood 172.34 points lower at 7576.01.