17 h. ago Nearly £11bn wiped off UK banks after US regional banking fears spooked markets – business live

European stock markets have fallen after two US regional lenders disclosed on Thursday that they were exposed to alleged fraud by borrowersGlobal markets fall and gold hits record high amid jitters over US banksUS regional bank stocks fall amid Wall Street concern over credit marketsStorm clouds are gathering over the financial markets, warns Richard Hunter, head of markets at interactive investor:There are increasing signs of storm clouds gathering over markets, with little relief from the building wall of worry.Already grappling with stretched stock valuations in the AI space, an unresolved government shutdown and a deteriorating relationship between Beijing and Washington, investors were exposed to a new source of concern in the form of lending practices and bad loans for US regional banks. Continue reading...

Economics

17 h. ago Bank shares lead global market fall amid jitters over US private credit

Signs of credit stress send markets in Europe and Asia down, while investors turn to safe haven assetsEuropean stock markets fell on Friday 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 0.9%, Germany’s Dax fell 1.8%, Italy’s FTSE Mib fell 1.5%, the Ibex in Spain was off 0.3% and France’s Cac 40 dropped 0.2%. Continue reading...

Economics

19 h. ago Jefferies was ‘defrauded’ by First Brands, says chief executive

Rich Handler’s comments came as investors dumped US regional bank stocks over credit quality worries

Politics

20 h. ago FTSE 100 slides as US regional bank worries rock markets – business live

Fear index jumps, and European markets follow Asia lower, as bad loan fears hit valuationsGlobal markets fall and gold hits record high amid jitters over US banksUS regional bank stocks fall amid Wall Street concern over credit marketsStorm clouds are gathering over the financial markets, warns Richard Hunter, head of markets at interactive investor:There are increasing signs of storm clouds gathering over markets, with little relief from the building wall of worry.Already grappling with stretched stock valuations in the AI space, an unresolved government shutdown and a deteriorating relationship between Beijing and Washington, investors were exposed to a new source of concern in the form of lending practices and bad loans for US regional banks. Continue reading...

Economics

21 h. ago Global markets fall and gold hits record high amid jitters over US banks

Signs of credit stress send markets in Europe and Asia down, while investors turn to safe haven assetsBusiness live – latest updatesGlobal 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. Continue reading...

Economics

24 h. ago UK stock markets tumble as investors ‘spooked’ by US banking issues

Shares in big global banks like Barclays and Standard Chartered were down by more than 5% on Friday morning.

Economics

24 h. ago Stock markets plunge as small US banks spook investors with bad loan losses

The FTSE 100 plunged more than 1.5 per cent on Friday morning as mounting fears over the health of regional US banks sparked a sell-off across global stock markets.

Economics

26 h. ago FTSE 100 heading for worst day since April as US regional bank worries rock markets – business live

Rolling coverage of the latest economic and financial news, as FTSE 100 share index sheds 150 points in early tradingUS regional bank stocks fall amid Wall Street concern over credit marketsStorm clouds are gathering over the financial markets, warns Richard Hunter, head of markets at interactive investor:There are increasing signs of storm clouds gathering over markets, with little relief from the building wall of worry.Already grappling with stretched stock valuations in the AI space, an unresolved government shutdown and a deteriorating relationship between Beijing and Washington, investors were exposed to a new source of concern in the form of lending practices and bad loans for US regional banks. Continue reading...

Economics

26 h. ago FTSE 100 Live 17 October: Banks drive big index fall, gold continues record run

The FTSE 100 index has fallen by more than 1% as London traders track Wall Street weakness and selling in Asia.

Politics

27 h. ago Stock markets hit by US regional bank worries and trade tensions – business live

Rolling coverage of the latest economic and financial newsFears are swirling today that we could be facing a repeat of the US regional banking crisis of 2023.That episode led to the demise of US bank SVB and then Europe’s Credit Suisse.An initially positive risk mood turned during the US session yesterday after news that Zions Bancorp (-13.14%) made a $50m charge-off while Western Alliance (-10.81%) alleged it also suffered from fraud on loans to the same borrowers linked to distressed commercial mortgages.While this was an ostensibly isolated story at two banks each less than $10bn market cap, the event drew inevitable comparisons to the regional bank stress that followed the collapse of SVB in March 2023 and raised broader questions over potential credit quality issues after a lengthy period of elevated rates and expansion in private credit, following also the bankruptcy of subprime auto lender Tricolor last month. Continue reading...

Economics

38 h. ago US regional bank stocks fall amid Wall Street concern over credit markets

Zions and Western Alliance reveal problems with bad loans as scrutiny of regional banks’ lending practices increasesUS regional banking stocks fell sharply on Thursday after two banks disclosed issues with bad and fraudulent loans, amplifying concerns on Wall Street around the state of credit markets.Zions Bancorp announced it had a $50m charge-off over two bad loans from its subsidiary, California Bank & Trust in San Diego. Western Alliance also said it was dealing with a fraudulent borrower. Continue reading...

Economics

40 h. ago US regional bank shares sink on credit worries after fraud disclosures

Western Alliance and Zions Bank disclose exposure to alleged fraud

Politics

48 h. ago FTSE 100 Live 16 October: Premier Inn owner Whitbread falters on results, UK economy struggles

The UK economy remains in the slow lane after figures today showed August GDP advanced by just 0.1%.

Politics

50 h. ago FTSE 100 Live 16 October: UK economy in slow lane, Whitbread shares fall on results

The UK economy remains in the slow lane after figures today showed August GDP advanced by just 0.1%.

Events

51 h. ago FTSE 100 Live 16 October: GDP edges higher after July fall, Whitbread posts results

The UK economy remains in the slow lane after figures today showed August GDP advanced by just 0.1%.

Events

52 h. ago UK economy expands as GDP rises by 0.1% in August ahead of crucial budget

Manufacturing and health sectors boost growth but ONS revises down figures for JulyExclusive: says higher taxes on wealthy ‘part of budget story’Business live – updatesThe UK economy expanded by 0.1% in August, according to official figures, giving a lift to Rachel Reeves ahead of next month’s crucial budget.A boost from the manufacturing sector helped the economy improve along with a strong performance by the health sector. Continue reading...

Economics

3 d. ago FTSE 100 Live 15 October: Burberry shares get LVMH lift, Capita fined for data breach

Royal Mail has been fined £21 million for missing its annual first and second class mail delivery targets.

Politics

3 d. ago FTSE 100 Live 15 October: Burberry shares get LVMH lift, Royal Mail fined

Royal Mail has been fined £21 million for missing its annual first and second class mail delivery targets.

Politics

3 d. ago FTSE 100 Live 15 October: Burberry shares surge, CMA targets excessive vet bills

Royal Mail has been fined £21 million for missing its annual first and second class mail delivery targets.

Events

3 d. ago FTSE 100 Live 15 October: Index seen higher as gold run continues, Royal Mail and Capita fined

Royal Mail has been fined £21 million for missing its annual first and second class mail delivery targets.

Politics