It has already been a frantic start to the week, with HSBC sealing a deal to take on the collapsed Silicon Valley Bank after overnight talks with ministers and the Bank of England.

The Prime Minister said the UK will soon unveil its plan to contain the fallout from SVB's failure 

Ministers and the Bank of England have been racing to complete a private sale of its UK arm before markets open, according to the Financial Times.

5 things to start your day 

1)  Silicon Valley Bank collapse will not trigger new financial crisis, insists Sunak - The Prime Minister said there was 'no systemic contagion risk' following the collapse

2) Chain restaurants will never recover, Wagamama chief admits - Andy Hornby on Covid's hospitality legacy and fighting off the activists

3) Mortgages to get more expensive because Bank of England ‘messed up’ on inflation - Bank's credibility 'diminished' among investors, Wall Street bank says

4) Why Jeremy Hunt should not be afraid to let British start-ups go under - State bailout raises concerns despite the tech sector's apocalyptic warnings over SVB's collapse

5) Jeremy Hunt risks Tory tax rebellion unless he goes for growth - A failure to heed ex-Trussites’ ‘good suggestions’ may be tantamount to political suicide

What happened overnight 

Asian shares mostly fell as they were shaken by worries the biggest United States bank failure in nearly 15 years might have ripple effects around the world.

But the falls were relatively subdued because of reassurances from US officials that financial shocks would be mitigated.

Japan's stocks closed lower, with the benchmark Nikkei 225 index ended down 1.1pc at 27,832.96, while the broader Topix index slipped 1.5pc to 2,000.99.

Hong Kong's Hang Seng rose 1.4pc to 19,594.07. The Shanghai Composite rose 0.3pc to 3,238.98, as Chinese shares tracked a gain in US futures. 

In premarket trading , the Dow Jones Industrial Average was up 1.1pc at 32,516.00. S&P 500 futures rose 1.4pc to 3,952.50.