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Good morning from the Financial Times. Today is Friday, March 10th.

And this is your FT News Briefing.

It was supposed to be a quiet day on Wall Street, then big banks tumbled.

The leaders of France and the UK are finally reading. It's the first time in years

and Mexico's currency is hot, even though the economy is not.

A Mark Filipino, and here's the news you need to start your day.

The four biggest banks in America lost more than 50 billion dollars in market value yesterday.

Investors were spooked when a big California lender called Silicon Valley Bank, or SBB,

revealed earlier this week that it wanted to raise $2 billion in a share sale to shore up its finances.

And it had taken a big hit after selling a portfolio of assets to raise cash.

Here's our US markets editor, Jennifer Hughes, on why the sell-off spread to other banks.

Yeah, it's really the example that Silicon Valley Bank said.

As SBB has now said, we needed to raise cash by selling our portfolio of assets.

And by the way, we lost 1.8 billion in doing it.

So then we've had this read across to the other banks,

was people say, what if SBB loses that much?

I wonder how much a JP Morgan might be losing.

What's it holding and starting to ask questions around that?

But Jen, why do they see this as a problem that's broader than SBB and not just trouble at that one bank?

Absolutely, that SBB bank has got more problems than the big banks who are all really well capitalized.

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