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

US regional bank shares recover some of Thursday's losses, as Trump cools on threat of 100% tariff on China

• Global markets fall and gold hits record high amid jitters over US banks

• US regional bank stocks fall amid Wall Street concern over credit markets

Storm 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.