European stocks edge up after three-day rout, banks still weak

Silicon Valley Bank’s headquarters in California. The bank's troubles have caused turbulence in the global stock markets. Photograph: Jim Wilson/The New York TimesRate-sensitive property and technology stocks lifted the wider European benchmark on Tuesday after a three-day selloff in the wake of Silicon Valley Bank’s collapse that sent chills through the banking sector globally.

The pan-European Stoxx 600 index rose 0.1 per cent by 0813 GMT after plunging 2.4 per cent a day earlier in its worst sell-off of the year. Property and technology stocks climbed 1.1 per cent and 0.4 per cent, respectively, as investors bought into the sectors that tend to benefit from lower interest rates.

European bond yields fell further as investors bet on reduced policy tightening from the European Central Bank . Traders are now pricing in a 25 basis-point hike as the most likely outcome at the ECB's policy meeting on Thursday, having priced in a 50 basis-point hike with near certainty last week.

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Irish property funds book writedowns of €240m as commercial market turnsSome of Ireland’s largest property funds have recorded almost €240 million in write-downs over the last six months, as the commercial real estate market continues to correct in the face of rising interest rates and weak demand.
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Irish property funds book writedowns of €240m as commercial market turnsSome of Ireland’s largest property funds have recorded almost €240 million in write-downs over the last six months, as the commercial real estate market continues to correct in the face of rising interest rates and weak demand. The fed should have been aware of what was going on at SVB though It is intentionally weak because they don't want people owning profit. That's why prices are still so high with weak demand. The vultures will buy them all.
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