Stocks fell and investors sought the safety of government bonds after shares of US regional banks tumbled on concerns about lending standards.
Gold was poised for a ninth week of gains. The MSCI Asia Pacific Index fell 0.8%, with financial companies among the biggest losers. US equity-index futures fell 0.4%, after the underlying gauges dipped Thursday.
Contracts indicated European shares were also set for a weaker open. Regional lenders slid in the US after the fallout from the collapse of subprime auto lender Tricolor Holdings spread beyond Wall Street.
As investors positioned for safe havens, gold and silver hit new all-time highs, powered by fears about credit quality in the US economy and US-China trade tensions. Treasuries extended gains with the two-year yield falling to the lowest level since 2022 and the 10-year yield below 4%.
An index of the dollar declined, while the yen strengthened past the 150 against the greenback. The Swiss franc also gained. The moves highlighted growing concerns about the US credit market, serving as the clearest evidence of the nervous undercurrents recently plaguing Wall Street, after stocks rallied to record-high levels.
