"Global stock markets fell sharply and gold hit a record high after two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud. Signs of credit stress rattled markets across Europe and Asia. In London the FTSE 100 fell 1.5%, Germany's Dax fell 2%, the Ibex in Spain was off 0.8% and France's Cac 40 dropped 1.5%, before recovering some ground."
"In the UK, about 9.5bn was wiped off the value of the five largest listed banks. Barclays was the worst hit, with shares down 6%. More widely, 45bn (39bn) was wiped off the pan-European banking industry, including the UK. Concerns over credit stress in the network of loans to businesses across the world's largest economy fuelled heavy losses on Wall Street on Thursday."
"followed by Asian markets, with Japan's Nikkei 225 falling 1.6% and the Hang Seng in Hong Kong dropping 2%. US markets are expected to open down later on Friday. Jittery investors turned to safe haven assets, with gold hitting a new record of $4,378 (3,262) an ounce, a weekly gain of almost 8.5%, its biggest since the 2008 financial crisis."
Two US regional banks said they had been exposed to millions of dollars of bad loans and alleged fraud, triggering sharp global market declines and a rush into safe-haven assets. European indices fell—FTSE 100 down 1.5%, Germany's Dax down 2%, Spain's Ibex off 0.8% and France's Cac 40 down 1.5%—and major UK banks lost about 9.5bn in market value. Pan-European banking losses reached 45bn (39bn). Asian markets fell, including Japan's Nikkei 225 and Hong Kong's Hang Seng. Gold rose to a record $4,378 an ounce. Zions and Western Alliance disclosed loan writedowns and legal action, prompting comparisons to 2023 regional bank stress.
Read at www.theguardian.com
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