FTSE 100 up again after concerted US action

Good morning from London, where the FTSE 100 is up again this morning on news that US banks have joined forces to support regional lender First Republic, in a concerted effort to stop the contagion from Silicon Valley Bank.

Here in the UK the Royal Mail faces a regulatory probe after MPs slammed the courier for “systematically failing” to meet its universal service obligation and accusing it of “widespread” errors in applying company policy.

BT Openreach is also facing regulatory pressure after Ofcom said it may use its powers to stall the network operator’s wholesale fibre offer, due on April 1, to provide more ‘certainty’ and ‘clarity’ for the sector.

And elsewhere in Europe Volkswagen has joined over 40 brands in slashing prices in China to offload inventory, ahead of more stringent emissions policies due to be rolled out in the country. That’s all for this morning, today’s report was written by Josh Lamb and presented by me, Thomas Warner.