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 assets

European 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%.