Deutsche Bank Boosts FTSE 100, Barclays and Lloyds Move Up London Index

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The FTSE 100 index in London started the week in a positive state due to the impressive gains of the major banking companies from the UK, namely, Barclays and Lloyds.

The top stock market index in the capital city increased by 0.69%, reaching 7,456.60 points. At the same time, the FTSE 250 index, which is more closely related to the state of the UK economy, rose by 0.25%, reaching 18,540.18 points.

The positive trend in the morning should calm down worries regarding the vulnerability of the worldwide banking industry, which had risen again at the conclusion of the previous week and resulted in a sharp drop of up to 14% for the German behemoth, Deutsche Bank.

Over the weekend, traders were pondering about how to adjust their positions for the start of the new week.

Nonetheless, the creditors who guided London's FTSE 100 and other foremost European indices regained their position today.

Barclays increased by approximately two percent, whereas Lloyds Bank, the largest mortgage lender in Britain, rose by 1.28 percent.

In Germany, the value of Deutsche Bank went up by more than two percent, while France's Societe Generale slightly increased, as did BNP Paribas and Santander in Madrid.

UBS, that recently bought out its major opponent Credit Suisse after being forced to make a sudden sale by Swiss authorities earlier this month, decreased by nearly one percent.

Today, it has been disclosed that the unsuccessful American financial institution, Silicon Valley Bank, has been partially acquired by First Citizens. This news has positively impacted how people feel about banks.

The banking sector has been struggling, but there is some positivity as First Citizens will acquire a large portion of SVB's assets. However, there is still concern about the market's instability and the potential for further harm. Neil Wilson, chief market analyst at Finalto, believes that the market has not yet regained its confidence and continues to look for potential losses.

The value of the pound remained stable in comparison to the US dollar.

The cost of oil rose by approximately 0.5%.