- On Friday, global markets fell and US Treasuries rose amid growing worries that problems in some American banking institutions could spread to the country's larger economy.
- In New York premarket trading, shares of banks like JPMorgan, Wells Fargo and Bank of America tumbled more than 1%. Futures on the S&P 500 pared a loss to trade little changed. Nasdaq futures became positive.
- In Europe, a measure of bank stocks fell the most since June, with losses of 4% to 7% recorded by shares of Deutsche Bank, Credit Suisse, and HSBC.
- The benchmark 10-year Treasury yields have dropped roughly five basis points to about 3.85%, well off the psychologically significant 4% threshold achieved on Thursday, as investors have rushed for the shelter of Treasuries. The yield on two-year bonds also remained below 5%, which they just crossed for the first time since 2007.
- UK's Chancellor Hunt on GDP data: Whilst there is still a long way to go, the UK economy has proven to be more resilient than many had anticipated.
- BofA: US money market fund assets soar to all-time high as short term rates soar.
