London's FTSE 100 recorded its worst day in a year on Wednesday, with Swiss lender Credit Suisse's slide to a record in the aftermath of Silicon Valley Bank's collapse aggravating contagion fears in the banking sector.
Meanwhile, Britain's economy is set to avoid a recession in 2023, but will still contract this year, Finance Minister Jeremy Hunt"The UK economy is going to face by all accounts something that feels a lot like a recession over the course of this year," said Luke Bartholomew, senior economist at Abrdn.
Traders are now seeing a 63% chance of the Bank of England keeping interest rates unchanged at its policy meeting next week. The FTSE 100 is down 1.4% so far this year after notching record levels earlier in the year, weighed down by a global bank rout, mixed economic data from China and fears of further aggressive tightening from central banks.fell 9.9% after the online trading platform's quarterly active clients fell.
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