Major UK banks saw their combined market valuation fall by about £11 billion (~$14 billion) on Friday after losses at U.S. regional banks triggered global contagion fears. European banks including :contentReference[oaicite:8]{index=8}, :contentReference[oaicite:9]{index=9} and :contentReference[oaicite:10]{index=10} tumbled 6-7% as investor sentiment turned cautious. The sell-off reflects concerns that non-bank and regional credit losses in the U.S. could transmit through global banking and funding markets. Sovereign yields and gold surged as safe-havens, while stocks outside tech lagged.