Global banks drag equities as credit fears resurface

Banking stocks globally slid sharply as weakness in U.S. regional lenders raised contagion concerns. European bank indices fell ~2.8%, dragging global equities lower. In Asia, financials underperformed while investors moved into defensive assets like gold, which rose further. The price rally in bullion reflects a classic safe-haven shift amid renewed macro jitters and uncertainty about credit cycles. Markets remain cautious ahead of central bank decisions and earnings from major banks.