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Added on the 21/06/2016 19:45:06 - Copyright : Reuters EN
Images of the exterior of Silicon Valley Bank’s office in California. US stocks ended Friday's session decisively lower as banking shares wobbled on contagion fears, after the failure of regional lender Silicon Valley Bank. The SVB debacle dominated investors' focus all day, with the Nasdaq suspending trade on the stock before the market opened, overshadowing a solid US jobs report. IMAGES
On Friday, Goldman Sachs predicted the UK's economy will grow 7% in 2021. The growth will be led by the coronavirus vaccine rollout and a Brexit trade deal. Over half of the country's population is expected to be immunized by March. Business Insider reports there will be a significant rebound in economic activity from the second quarter of next year. New trade restrictions are likely to weigh on potential growth in the coming years. Goldman said the drag will mostly be slow to materialize. UK GDP will end the year 11.7% under its pre-pandemic level, twice as much as Germany, France, and Italy.
While Britain's biggest banks worry about the uncertainty of Brexit, one start-up bank is reaping the benefits of the U.K.'s shock referendum result to leave the EU. As Sonia Legg reports, OakNorth's loan book has doubled since the June vote and it predicts more opportunities ahead.
Stocks on Wall Street rose Wednesday led by the energy sector as oil prices rallied and as financials gained on the increasing likelihood of an interest rate hike after strong economic data. Bobbi Rebell reports.
Wall Street rallied on Friday, lifted by a surge in Deutsche Bank shares and financial stocks after concerns eased about the health of the German bank. Stocks rose for the quarter. Bobbi Rebell reports.
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