Investors are still concerned with rate hikes ahead of the Fed’s monetary policy next week. On Thursday, the ECB raised its rate by 50bps, as expected. The FTSE 100 added 0.9%.

Today, all the main global indices are in the green and London is no exception, with the blue-chip index up 0.9% at 9.15 am. Bank stocks continue rallying, while miners and oil majors rise along with commodity prices.

Note that today is the 3rd Friday of the month, which is synonymous with a clearing session with the monthly expiration of equity and index derivatives. And since it is also the 3rd Friday of a quarter-end month, longer maturities are also coming due. It's called Witching Day, which is usually a source of volatility because strategies need to be adjusted.

Things to read today:

The ‘three Js’ who put together a rescue deal for First Republic (Financial Times)

Bank Failures, Like Earlier Shocks, Raise Odds of Recession (WSJ)