Good morning! Let's take a look at today's financial news. European shares rebounded yesterday, with bank shares leading the way, after authorities and regulators took action to ease concerns about the global banking industry. The US banking system was also affirmed to be "sound and resilient" by the US Financial Stability Oversight Council. Meanwhile, business confidence in Germany, the largest economy in Europe, improved more than expected, mainly due to business expectations. Gold prices dropped for the second consecutive session to below $1,970 per ounce on Monday, following government efforts to stabilize the banking system. The Federal Deposit Insurance Corporation announced that First Citizens Bancshares Inc. would acquire Silicon Valley Bank's deposits and loans, which helped soothe investors' anxiety for now. Deutsche Bank shares also rose by over 3% in Europe. Earlier this month, fears of an economic recession caused by recent banking turmoil in the US and Europe led to investors seeking the safe-haven of gold, pushing its price up by more than 7%. The pound sterling fell to $1.22 on Monday, down from its seven-week high of $1.234, due to concerns about the global banking system and the possibility of a recession in the US. Last week, global bank shares fell following the sudden collapse of two US lenders and the rescue of embattled Swiss bank Credit Suisse. However, investors welcomed the news that First Citizens BancShares Inc. would acquire all of Silicon Valley Bank's deposits and loans from the regulator. Meanwhile, the Bank of England increased its key bank rate by 25bps to 4.25%, while leaving the door open for more rate hikes should inflation persist. The euro remained slightly above $1.075 on Monday, down from its seven-week high of $1.0929, due to investors dumping riskier currencies amid worries over global banking turmoil and recession. Despite this, the Euro is likely to regain ground as the policy divergence between the ECB and Federal Reserve is set to widen. In contrast, markets expect a near 90% chance that the Fed stands pat in May and delivers a rate cut in July. Brent crude prices reached over $75 per barrel on Monday, building on gains from the previous week as assurances from US regulators[/b
