2 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

2 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

3 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

15 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

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

Western Alliance and Zions Bank disclose exposure to alleged fraud

Politics

29 h. ago Asian shares are mostly higher after Wall St ends an erratic day with gains

Most Asian stock indexes are higher, tracking gains after a turbulent session on Wall Street

Politics

3 d. ago Global financial system susceptible to shocks, Bailey warns G20

Andrew Bailey, chairman of the Financial Stability Board, the fiscal risk watchdog for the G20, urged greater multilateral co-operation.

Events

4 d. ago Strava plots Wall Street debut as running boom boosts fitness app

CEO Michael Martin targets US IPO to raise capital for deals to keep Strava ahead of rivals including Garmin and Nike

Politics

5 d. ago Bank deregulation set to unlock $2.6tn of Wall Street lending capacity

US lenders expected to cement global dominance by a significant easing of post-financial crisis rules

Economics

6 d. ago Crypto crash: Bitcoin and Ethereum plummet after Trump imposes 100 per cent tariffs on China

The Wall Street stock market also recorded its biggest single-day losses since Trump imposed sweeping tariffs in April

Events

6 d. ago First Brands boss weighs resigning under pressure from lenders

Car parts maker’s rapid downfall has raised concerns of widespread losses on Wall Street

Economics

6 d. ago Trump imposes extra 100 PERCENT tariff on China: S&P suffers biggest wipeout since Liberation Day

Donald Trump has announced a 100 percent tariff on all Chinese goods.

Politics

6 d. ago Trump threatens 100% China tariffs as Beijing restricts rare

President accuses China of ‘very hostile’ moves and says additional tariffs could come on 1 November ‘or sooner’Donald Trump has threatened to impose additional US tariffs of 100% on China from next month, accusing Beijing of “very hostile” moves to restrict exports of rare earths needed for American industry.Wall Street fell sharply after the US president reignited public tensions with the Chinese government, and raised the prospect of another acrimonious trade war between the world’s two largest economies. Continue reading...

Politics

7 d. ago First Brands: why a maker of spark plugs and wiper blades has Wall Street worried

Investors fear that the collapse of the car parts company – and the size of its debt – could portend wider problemsFinancial problems at the maker of spark plugs, wiper blades, brake calipers, brake shoes, tow hitches and motor oil has caused intense anxiety on Wall Street in recent weeks.Car parts are not usually something that causes finance chiefs to lose much sleep. But the potentially multi-billion dollar financial crisis surrounding First Brands has them rattled. Continue reading...

Politics

7 d. ago FTSE 100 Live 10 October: Gold and defence stocks fall, brickmaker issues warning

A leading brickmaker today said demand had slowed amid the impact of economic and political uncertainty.

Events

7 d. ago Asian shares are mostly lower following Wall Street's pause from its feverish rally

Asian shares have mostly retreated, tracking Wall Street’s pause after U.S. stocks and even the price of gold pulled back from record highs following torrid runs

Politics

7 d. ago Head of largest US bank warns of risk of American stock market crash

Jamie Dimon, chair of JPMorgan Chase, said he was ‘far more worried than others’ about serious market correctionThe chances of the US stock market crashing is far greater than many financiers believe, the head of America’s largest bank has said.Jamie Dimon, who is the chair and chief executive of the giant Wall Street bank JPMorgan Chase, said he was “far more worried than others” about a serious market correction, which he predicted could come in the next six months to two years. Continue reading...

Events

8 d. ago ‘Their chemistry made one of their deaths inevitable’: how a billionaire couple’s life in paradise turned deadly

He made millions on Wall Street, moved to the Costa Rican jungle with his wife and ended up being shot in bed. A new podcast tells the wild tale of the US couple whose dream became a nightmareThe death of John Bender mystified the world. A handsome American millionaire, Bender moved to Costa Rica with his wife, Ann, two years after they married, and set about building a 2,000-hectare nature reserve, centred on a mountaintop mansion that had neither walls nor windows. But despite moving to this vision of paradise, the couple’s mental health fell into sharp decline and in January 2010, Bender died of a gunshot wound to the head.Thanks to an unscientific forensic investigation by the Costa Rican authorities, the perpetrator remains unknown. Suicide is one option – John had written emails about wanting to die in the weeks previously – but the fact that he was shot in the back of the head, in bed, while wearing earplugs, suggests that Ann may have shot him. In the intervening years, the ...

Events

1 week ago JPMorgan replaces European banking boss who was doing job from New York

Filippo Gori will hand over to Conor Hillery and Matthieu Wiltz as co-heads of Wall Street bank’s regional business

Economics

1 week ago DC’s shutdown hasn't stopped the stock market. Here’s what may

The U.S. stock market continues to rise despite the government's latest shutdown

Events