An index of European banking <.SX7P shares fell 4.8 per cent on Monday, falling more than 20 per cent from recent closing high and leaving it on course to confirm it is in a bear market.
The decline extended into a third day as U.S. President Donald Trump’s sweeping tariffs ignited fears of an all-out trade war and a global economic recession.
Together with the losses over the past two trading days, the index had fallen by more than 18 per cent on Monday.
Germany’s Commerzbank, Deutsche Bank, France’s Credit Agricole, Societe Generale, BNP Paribas were all down between 9 per cent and 10 per cent.
Britain’s Barclays was down 9 per cent, HSBC dropped around 5 per cent.
Banking stocks elsewhere also tanked, with an index of Japanese bank stocks plunging as much as 17 per cent.
