Business
UK stock market hit by nerves over US banks
Ben KingBusiness reporter
Getty ImagesThe UK’s stock market has fallen sharply after a warning from two US banks triggered a widespread sell-off in global shares.
Two US regional lenders, Western Alliance Bank and Zions Bank, said on Thursday that they had been hit by either bad or fraudulent loans, sparking fears of problems in the banking sector.
Some of the UK’s biggest banks, including Barclays and Standard Chartered saw their share prices fall more than 5%. The FTSE 100 index of leading shares had dropped about 1.5% at one point before regaining some ground.
Stock market indexes around the world, including Germany’s Dax and the Cac 40 in France, also fell.
On Thursday, Zions Bank said it would write off a $50m loss on two loans, while Western Alliance disclosed it had started a lawsuit alleging fraud.
“Pockets of the US banking sector including regional banks have given the market cause for concern,” said Russ Mould, investment director at AJ Bell.
“Investors have started to question why there have been a plethora of issues in a short space of time and whether this points to poor risk management and loose lending standards.”
“Investors have been spooked,” he added, saying that while there was no evidence of any issues with UK-listed banks, “investors often have a knee-jerk reaction when problems appear anywhere in the sector”.
Bank shares in Europe were also hit, with Germany’s Deutsche Bank down more than 5% and France’s Societe Generale dropping 4%.
Asian markets fell earlier on Friday. Japan’s Nikkei index closed down 1.4% and in Hong Kong the Hang Seng Index ended the day 2.5% lower.

Investors have been nervous following the failure of two high-profile US firms, car loan company Tricolor and car parts maker First Brands.
These failures have raised questions about the quality of deals in what is known as the private credit market – where companies arrange loans from non-bank lenders.
This week Jamie Dimon, the boss of the US’s largest bank JPMorgan Chase, warned that these two failures could be a sign of more to come.
“My antenna goes up when things like that happen,” he told analysts. “I probably shouldn’t say this, but when you see one cockroach, there are probably more. Everyone should be forewarned on this one.”
In addition, there have also been warnings that the surge in artificial intelligence investment has produced a bubble in the US stock market – including from Mr Dimon – leading to fears that shares are overvalued.
The market turbulence on Friday saw the price of gold reach a fresh record high of $4,380 per ounce, as investors looked for safe havens for their money.
Another closely watched measure of market nerves, the VIX volatility index sometimes called the “Fear Index”, hit its highest level since April.
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India reviews US Section 301 investigations on partners; decision to follow detailed assessment: Report – The Times of India
India is examining the United States’ move to initiate Section 301 investigations against a group of 16 trading partners and will take an appropriate position after analysing the legal and economic aspects, PTI reported citing an official on Friday.On March 11, the Office of the United States Trade Representative (USTR) announced probes into countries including India, China, Japan and the European Union to address practices such as forced labour and manufacturing overcapacity that Washington believes are hurting its domestic industry.The investigation spans multiple sectors such as steel, aluminium, automobiles, batteries, electronics, chemicals, machinery, semiconductors and solar modules.The countries and regions under review include China, Singapore, Switzerland, Norway, Indonesia, Malaysia, Cambodia, Thailand, South Korea, Vietnam, Taiwan, Bangladesh, Mexico, Japan, India and the 27-member EU bloc.“We are studying what is there in their note. We are looking at it from all perspectives. Both from the legal perspective as well as the economic angle which is being mentioned there. India is evaluating the documents,” the official said.The development comes after the US Supreme Court ruled against the tariffs imposed earlier during President Donald Trump’s tenure. Following the verdict, Trump had said Washington had other options to reintroduce tariff pressure.In line with that approach, the United States has imposed a 10 per cent tariff on all countries for a period of 150 days from February 24.The Section 301 process will assess whether measures such as industrial subsidies, expansion of state-backed manufacturing, operations of state-owned enterprises, barriers to market access, currency practices or weak domestic demand have contributed to excess global manufacturing capacity affecting US trade.If such practices are established, Washington could consider countermeasures including higher tariffs, quantitative restrictions or other trade curbs.Public consultations on the investigations will begin on March 17, when dockets open for submissions from companies, industry associations and governments.Sources indicated that the probe has a sharper focus on China due to concerns around forced labour and sector-specific overcapacity that could influence global trade flows.
Business
IndiGo Joins Air India In Introducing Fuel Surcharge On Domestic And International Flights
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IndiGo cited a sharp rise in fuel prices caused by the ongoing conflict in West Asia for the implementation of an additional fuel charge on flights.

IndiGo has introduced an additional fuel surcharge for flights. (Representational Image)
The airline said the International Air Transport Association’s (IATA) Jet Fuel Monitor has indicated an increase of more than 85% in fuel prices for the region due to the conflict. “This sudden and steep increase will have a material impact on all airlines’ costs and networks, including IndiGo’s,” it said.
“While offsetting the entire impact of this fuel price surge requires a very substantial adjustment to fares, IndiGo has introduced a relatively smaller amount as a Fuel Charge keeping in mind the consequential burden on customers,” the airline said in the statement.
This came after Air India announced a phased expansion of fuel surcharges across its domestic and international network after a sharp rise in aviation turbine fuel (ATF) prices driven by the ongoing crisis in West Asia.
Changes In Fuel Prices
From March 14, overall prices for all new bookings on IndiGo flights will carry an additional fuel charge per sector, which are as follows:
- Within Domestic India – Rs 425
- Indian Subcontinent – Rs 425
- Middle East – Rs 900
- South East Asia and China – Rs 1,800
- Africa and West Asia – Rs 1,800
- Europe – Rs 2,300
“IndiGo regrets the inconvenience resulting from this additional charge and reiterates that the measure has been driven by a sudden and substantial change in the operating environment. IndiGo will continue to monitor the situation and make relevant adjustments as and when appropriate,” the airline said.
This came as oil prices went up over $100 per barrel after the US-Israeli war against Iran, which resulted in a virtual closure of the Strait of Hormuz that carries 20% of global crude oil and gas supplies. Although oil prices dipped on Friday after an Indian tanker sailed through the strait, they were on track for more disruptions due to the war.
Meanwhile, the US issued a 30-day license for countries to buy Russian oil and petroleum products stranded at sea. US Treasury Secretary Scott Bessent said it was a step to stabilise global energy markets roiled by the ongoing conflict.
March 13, 2026, 20:07 IST
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