The failure of Silicon Valley Bank tore into global markets with investors ripping up their forecasts for further interest rate rises, the Financial Times reports.

The collapse of Silicon Valley Bank, the 16th-largest bank in the US, tore through markets on Monday and drove investors to dump bank stocks around the world, the Financial Times reports. 

The front page reports US President Joe Biden has sought to reassure depositors that “whatever is needed” will be done to protect their funds and calls the episode the “biggest test of the US financial system since 2008”.