Phew. Hey there. Senior reporter Phil Rosen here. Before we jump into the newsletter, the Silicon Valley Bank saga is continuing to unfold, so let's quickly break down the latest.
The big story this morning: HSBC has bought the UK arm of collapsed SVB in a last-minute deal for 1 British pound, or $1.21. The UK government and the Bank of England facilitated the private sale, British Chancellor Jeremy Hunt said on Twitter: "Deposits will be protected, with no taxpayer support".