The S&P 500 erased its gains for the year and US equities were on course for their worst week since October as investors recoiled on Friday from Barack Obama’s proposals to regulate large banks.
The bearish mood on Wall Street followed losses across global markets as investors feared other financial centres might emulate the US president’s proposals.
Uncertainty over the proposed US regulatory reform policy for large banks, and what shape it would take, was at the forefront of investors’ concerns.
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