The markets for you. Asian shares firmly in the red as the flight to safety across markets following rumbles around the bank SVB in the U.S. yesterday sent bank stocks tumbling and the overall S&P 500 finishing down by 1.9% so today in Asia the MSCI specific index is 2% lower, the hang seng in Hong Kong is now 3% lower tax shares among the lagging sectors in Hong Kong, dang seng tech index down by 4% this morning. You're a stocks 50 futures firmly in the red down 1.7% FTSE 100 futures down by one and a half percent more red on the boards for Wall Street futures two S&P E and E is down by three quarters of 1%. The flip side of that trade is we're seeing yields fall across the treasury curve, the ten year yield ten basis points lower this morning, 3.81%, the two year yield 9 basis points lower at 4.77. The dollar is flat in the Bloomberg dollar spot index, but the yen is four tenths of 1% weaker after corrode has last bank of Japan meeting. Now let's start with the UK, the economy grew by three tenths of 1% in January, month or month, that is a beat on the estimated tenth of 1% growth. Industrial production in January fell 4.3% though, more than the estimate and those are the numbers in terms of the UK in terms of every services sector that rises half of 1% beating the estimate of .3%. The UK managed to avoid a recession last year it does look as if now we're swerving away from that with January, GDP actually growing more than estimates. And some data from Germany, the February final figure for CPI, the harmonized rate 9.3% year on year that is in line with estimates. Let's get to our top stories. Top executives are Silicon Valley bank are urging cam as prominent venture capitalists advised businesses to withdraw their money. Peter Thiel's founders fund and others say companies should now limit their exposure to the startup lender, quill intelligence CEO and chief strategist Danielle de martino booth says markets are worried. The market has now begun asking two questions. Will there be a white knight? And what bank is next? So we've seen the largest move in spreads since last October, and we're seeing small and mid sized banks coming under attack and people are beginning to ask, how many banks are out there with similar levels of losses that they're sitting on that they can not move and the term will to martino booth spoke of their followed a surprise announcement from Silicon Valley bank that it was holding a two and a quarter $1 billion share sale after a significant loss on its portfolio that lender scrambled to prevent a bank run comes as silvergate capital announced plans to wind down operations after last year's crypto industry meltdown. While the S&P 500 financials index saw its worst day since the COVID pandemic meltdown as sentiment on Wall Street soured on the news, Bank of America, Wells Fargo and JPMorgan Chase all slid at least 5%, ironically, many equity investors had piled into financial stocks to ride out the Federal Reserve's interest rate hikes. Nat alliance securities head of international fixed income, Andrew Brenner thinks this move may change the Central Bank's thinking. Now, the question is will this Silicon Valley think have legs? And my answer is, yeah, to a point, but I don't think it's cause for contagion, but people are going to be scared about it. And I think it's going to send a message over the fed's bow. Now, market to watch us like Brenner have one eye on today's U.S. jobs data and another on potential defaults. The UK government suspects that Russians have exploited Britain's company register to launder money from the war in Ukraine. Sources have told Bloomberg that authorities have identified hundreds of sham companies listed under Russian names, they say these firms are trying to exploit the war in Ukraine for financial gain. The British government is in the process of strengthening laws to reform companies house and clamp down on financial crime. Now French president Emmanuel Macron, the British prime minister Rishi sunak will aim to turn the page on years of acrimonious relations later today with more from Paris, his our UK correspondent Lizzie burden. Here in the city of romance, France and Britain will today try to rekindle theirs as UK prime minister Rishi sunak heads to Paris for the first such state visit in 5 years after 7 years of post Brexit attack criminally. On the agenda will be defense, migration, nuclear power, and green subsidies, but above all as Russia looks on, the two sides are determined to present a united front on the war in Ukraine. In Paris, I'm Lizzie burden, Bloomberg, daybreak, Europe. A New York judge has ordered JPMorgan to turn over more rack awards from CEO Jamie Dimon to the U.S. Virgin Islands. The order is related to a lawsuit accusing the bank of facilitating Jeffrey Epstein's sex trafficking, JPMorgan has denied the Virgin Islands claim that diamond had a role in retaining Epstein as a client. The latest news comes after the U.S. lender sued former executive Jeff staley, whose relationship with Epstein is the focus of the lawsuit. Okay, those are a few of our top stories and foy this morning. I spotted this toy on the blue egg channel. It takes me back a little bit. So graduates in the UK, thanks to TikTok and now becoming aware that they're starting salaries, even if they're very good, are much lower than for their counterparts, perhaps in the United States, which to me doesn't surprise me all that much. The cynic in you, Karen. Well, I mean, what are you doing? But wouldn't it be interesting if things have changed and there had been upgraded shift to alignment of salaries? I mean, I know from my law Friends, shall I say, it was always a thing that the American law firms paid much more and that was the draw to go and work for them, even though the working I suppose environment was different. Yes, that's true. And that is, yes, to some extent the London law firms are having to compete, but I think that there is still a gap. But it's the issue around young people only just sort of realizing this and TikTok making it absolutely clear because of the sort of simplicity of the graphics and the images. Maybe it's new wage transparency, maybe this will provoke a change. I do think that that is really interesting and it just I sighed and I thought it was funny and sweet that young people didn't realize that. And then of course I remembered back to my own, I'm going to make an awful admission. I didn't really understand how much tax affected your first paycheck. I was quite shocked, saddened, disappointed when I realized how much went to the government in my very first paycheck I had not realized. I think my early lessons was that you can actually negotiate on salary, which I never didn't realize on definitely regretted not doing it at the start of my career anyway. Enough financial confessions for now. Let's move on to the story, of course, that markets are focused on today. This banking story that's ripping through markets, fears over the financial health of Silicon Valley banks sending bank stocks tumbling, depositors considering their holdings at the lander favored by startups. We have our investing editor Russell ward with us for more on this story Russell great to have you on the program. Can you