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By Iain Withers and Stella Qiu LONDON/SYDNEY (Reuters) -Tumbling bank shares pulled global stocks lower on Friday, while gold hit a fresh peak, as signs of credit stress at U.S. regional lenders unnerved investors and drove them into safe-haven assets. European banks fell 2.7% in early trade – dragging the wider stock index down 1.8% – with the likes of Deutsche Bank and Barclays down more than 5%, following losses across Asian financial stocks.  S&P 500 futures and Nasdaq futures were down more than 1% ahead of more earnings from U.S. regional banks later in the day. DOLLAR UNDER PRESSURE, GOLD AND TREASURIES CLIMB Overnight, U.S. regional lender Zions sank 13% after disclosing it would take a $50 million loss in the third quarter on two loans from its California division. Western Alliance's stock slumped 11% after it initiated a lawsuit alleging fraud by Cantor Group V, LLC. Cantor's attorneys denied the allegations. The developments pummelled U.S. banking stocks and weighed on the U.S. dollar to the benefit of the yen and Swiss franc.  "While the recent issues of the two lenders seems well contained, where there is smoke there is often fire and the remedy of the 2023 crisis has created a tinderbox for another banking flare-up," said IG analyst Tony Sycamore, referring to a series of bank failures that year which prompted the U.S. Federal Reserve to take steps to stabilise the financial system. Safe-haven Treasuries rallied further, with two-year yields down to a fresh three-year low of 3.376% as investors priced in at least two more quarter-point rate cuts from the Fed this year.  The flight to safety saw gold hit a record of $4,378.69 per ounce. Bullion is set for a weekly gain of 7.8%, and earlier in the session had temporarily been on track for its biggest gain since September 2008 when the collapse of Lehman Brothers fuelled the global financial crisis. “It wouldn't surprise me, frankly, if gold hits $5,000 before it actually stops for air …. Equally, it could fall 20% in the next month. So we’re more holders than buyers at current levels," said Eren Osman, managing director of wealth management at Arbuthnot Latham. Sentiment in equities has also taken a hit due to rising trade tensions between China and the United States. China on Thursday accused the U.S. of stoking panic over its rare earth controls, rejecting a White House call to roll back the curbs. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 1.4%, taking the week into negative territory. The credit worries and rate cut bets have weighed on the U.S. dollar, which is off 0.6% this week. [FRX/] The yen and the Swiss franc have gained most, with both up about 1% this week. Bank of Japan Governor Kazuo Ueda said that the central bank would scrutinise various data in deciding whether or not to raise interest rates this month.  Oil prices extended losses, after falling 1% overnight as U.S. President Donald Trump said he and Russian President Vladimir Putin had agreed to meet in Hungary soon to discuss ending the war in Ukraine. U.S. crude fell 0.5% to $57.18 a barrel, while Brent was also off 0.5% to $60.78. (Editing by Kim Coghill and Mark Potter)

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(Reuters) -Several pharmaceutical companies have said they will sell drugs direct to patients in the U.S. and offered discounts following President Donald Trump's calls to bring down drug prices and cut out "middlemen" like pharmacies, insurers and pharmacy benefit managers. The Trump administration announced in September plans to launch a government-run website called TrumpRx.gov in early 2026, offering reduced prices for prescription drugs. U.S. patients currently pay by far the most for prescription medicines, often nearly three times more than in other developed nations. Trump sent letters to 17 major companies in July demanding they slash U.S. prescription drug prices. Below is an overview of pharmaceutical companies that recently announced direct-to-consumer sales and price cuts in the U.S., in alphabetical order: ASTRA ZENECA AstraZeneca and the Trump administration signed a deal on October 10 under which it would sell some medicines at a discount to the government's Medicaid plan in exchange for three years of tariff relief. The deal also envisages up to 80% discounts on some of AstraZeneca's drugs to be sold through the TrumpRx website, CEO Pascal Soriot said at the Oval Office. BRISTOL-MYERS SQUIBB Bristol-Myers Squibb will cut prices to eligible U.S. patients for blood clot treatment Eliquis and plaque psoriasis drug Sotyktu, with the latter being offered at a more than 80% discount to the list price, it said in September. ELI LILLY  Eli Lilly said in June it would ship the two highest doses of its popular weight-loss drug Zepbound to cash-paying customers on its website starting early August. MERCK Trump and Merck KGaA said on October 16 they had struck a deal under which the German company would sell its fertility treatments, including Gonal-f, Ovidrel and Cetrotide, directly to consumers with a combined discount of 84% off list price if three of them were used in IVF. Trump also said Merck would offer all new drugs launched in the U.S. at the prices it charges in other developed countries. NOVO NORDISK  Novo Nordisk said in August it would offer its diabetes drug Ozempic for $499 per month to eligible cash-paying patients with type 2 diabetes in the U.S. via its own pharmacy, a tie-up with telehealth service GoodRx and other platforms. It had announced in April that it was working with telehealth firms Hims & Hers, Ro and LifeMD to sell Wegovy to cash-paying U.S. customers. PFIZER Pfizer and Trump said in October they had cut a deal in which the U.S.-based drugmaker agreed to lower prescription drug prices in the Medicaid programme to what it charges in other developed countries, in exchange for tariff relief. Pfizer will invest $70 billion in research and development and domestic manufacturing and received a three-year grace period during which its products will not be subject to U.S. tariffs on pharmaceuticals, Pfizer CEO Albert Bourla said. PhRMA U.S. pharmaceutical lobby group PhRMA said in September it would launch a new website, AmericasMedicines.com, next January to help patients buy prescription drugs directly from manufacturers. ROCHE Roche is considering selling its prescription medicines in the U.S. directly to consumers to bring costs down for patients, as part of talks with the U.S. government, CEO Thomas Schinecker said in July. The model could appeal not only to the uninsured or under-insured, but also to insured patients comparing the cost of accessing drugs through insurers with cash prices, an industry source told Reuters.  SANOFI  French drugmaker Sanofi said in September it would offer a month's supply of any of its insulin products for $35 to all patients in the U.S. with a valid prescription, regardless of insurance status. WISP Women's telehealth provider Wisp said in September it expanded its weight-care offerings to include sale and doorstep delivery of Novo Nordisk's and Eli Lilly's popular drugs without the need for insurance.  It priced Ozempic, Wegovy, and Mounjaro at $598, $558, and $489 per month, respectively, with the cost also including consultation, monthly follow-ups, and direct-to-door delivery. ZEALAND PHARMA  Zealand Pharma is considering a direct-to-patient sales model as well as traditional insurer channels for the experimental weight-loss drug it is developing with Roche, its CEO told Reuters in September. (Compiled by Javi West Larrañaga and Emanuele Berro, Editing by Helen Reid and Milla Nissi-Prussak)

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By Gianluca Lo Nostro and Elvira Pollina (Reuters) -A 17 billion euro ($19.72 billion) joint bid by Bouygues Telecom, Iliad-owned Free and Orange for most of the assets of France's second-largest telecoms operator SFR could prove an acid test for Europe's telecoms market. SFR parent Altice rejected the non-binding offer, which would see the number of French operators drop to three, but the bidders want talks with its shareholders, which include billionaire Patrick Drahi, to try to get a deal done. However, regulators have long drawn a red line to maintain four operators per country, resisting pressure for consolidation to match more dominant U.S. and Asian competitors.   WHAT IS AT STAKE WITH THE BID? EU antitrust regulators have imposed tough remedies and outright blocks on telecoms deals that proposed reducing the number of mobile network operators from four to three in a single country market, with a view to safeguarding competition and avoiding price increases. However, an EU report on the bloc's competitiveness last year urged regulators to ease a stance that had resulted in a highly fragmented sector, and instead focus on helping businesses gain scale and compete with U.S. and Chinese rivals. This echoed some calls by sector CEOs for the EU to facilitate mergers by assessing deals on an regional rather national level and taking into account investment plans. WHO WOULD REVIEW ANY SFR DEAL? Acquiring Altice's French assets would likely face a review by the European Commission, which has 25 working days after a deal is filed for a first-stage review.  It may extend 35 working days, to consider either proposed remedies or a member state's request to handle the case. Most mergers win approval but occasionally the Commission opens a detailed second-stage investigation for up to 90 additional working days, which it may extend to 105 days. The Commission would likely focus on preserving competition across several key segments of the French telecom market and ensure infrastructure remains accessible to new entrants, ING analyst Jan Frederik Slijkerman said. Should a deal be agreed, it will reveal any changes in thinking at the anti-trust authorities, Berenberg analysts said. WHAT DOES THE FRENCH GOVERNMENT SAY? Paris will play a key role in the event of a deal as the French government is Orange's largest investor. As a board member, its influence can extend to talks, which could focus on job protection and the national interest. Finance minister Roland Lescure said he will be "extremely vigilant", particularly on prices and service quality.   HOW IS THE FRENCH TELECOMS SECTOR CURRENTLY MADE UP? France currently has four telecoms operators, with Orange is the market leader. This means it would only be able only to acquire the smallest share of SFR, which has 19 million mobile subscribers and more than 6 million fibre customers. The French market has undergone many transformations, with Orange itself being acquired by France Telecom in 2000. In 2014, Vivendi sold SFR to Drahi's Numericable for 13.4 billion euros in cash and a 20% stake in the combined entity, forming Altice France, which is now itself a target. Altice closed a debt restructuring this month which has left Drahi controlling 55% of Altice France and creditors 45%. Meanwhile Bouygues Telecom, which is seeking the biggest slice of Altice's business, has expanded through its acquisition of La Poste Telecom, adding 2.3 million customers in 2024. Iliad entered the French market in 2012 under its budget brand Free, prompting stiff price competition. The three carriers have proposed acquiring most of SFR's activities, except for its stakes in fibre assets and those in French overseas departments and regions. (Reporting by Gianluca Lo Nostro and Elvira Pollina. Editing by Anousha Sakoui and Alexander Smith)

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(Reuters) -Ford is recalling nearly 625,000 vehicles in the U.S. due to seatbelt and rear-view camera display problems, the U.S. National Highway Traffic Safety Administration said on Friday. The seatbelt recall affects 332,778 Ford Mustang vehicles, while the camera display issue recall covers 291,901 F-250, F-350 and F-450 super duty trucks, according to NHTSA notices. The U.S. auto regulator said that Ford dealers will update the image processing module software at no cost to owners for the units being recalled to remedy the camera display defect. For the units facing issues with seatbelts, vehicle dealers will check the seatbelt parts and make replacements if needed, and also remove nearby carpet sections that touch the cables, NHTSA said. (Reporting by Rhea Rose Abraham in Bengaluru; Editing by Sherry Jacob-Phillips)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)