UK stocks were up today, with financial stocks overperforming as worries for the banking sector continue to ease. John Glen, chief secretary to the UK Treasury, told Reuters yesterday that Britain's banks had not seen deposit outflows since the collapse of SVB Financial sparked trouble in the sector.

Commodity stocks continue to do well, tracking higher crude oil prices due to renewed investor appetite for risk assets and the halt to oil imports from Iraqi Kurdistan by Turkey.

Among stocks, Next dropped 6.1%, despite posting gains in annual profits, because it reiterated its cautious outlook.

 

Things to read today:

Monetary policy is not solely to blame for this banking crisis (Financial Times)

UK Housing Market Shows Signs of Stabilizing as Approvals Rise (Bloomberg)