EU Bank Stocks Take a Nosedive

The financial markets were sent into a frenzy as shares in Europe's banking sector experienced a significant drop. The latest US tariffs have sparked widespread panic, leading to a global market collapse.

Market Indices in Freefall

By 9:28 am CET, the Euro Stoxx Banks Index (SX7E) had fallen by 4.68% to €156.89, with the STOXX Europe 600 Banks Index not far behind, dropping 5.29% to €214.67.

Major Banks Hit Hard

Leading the downturn, Commerzbank saw an 11% plunge, while Societe Generale and Barclays dropped 10% and 9% respectively. Deutsche Bank and Banco Santander each fell by 8%, with ING Groep and BBVA losing 7%. HSBC wasn't spared, declining by 6% as investors grappled with fears of a prolonged economic slowdown due to escalating trade tensions.