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European banking stocks sink as Silicon Valley Bank jitters spread
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European banking stocks sold off sharply in early trade Friday as jitters surrounding U.S. bank SVB Financial — which plunged 60% Thursday — spread around the world.
It followed an announcement by the tech-focused lender of a capital raise to help offset bond sale losses.
The Euro Stoxx Banks index was on pace for its worst day since June, led by a decline of more-than 8% for Deutsche Bank.
Societe Generale, HSBC, ING Groep and Commerzbank all fell more than 5%.
This is a breaking news story and will be updated shortly.
Read more on cnbc.comAbout this in other media
Hedge funds eye ‘cheap’ deals in regional bank stocks after Silicon Valley Bank collapse fnlondon.com /1 year ago
Blame traditional finance for the collapse of Silicon Valley Bank cointelegraph.com /1 year ago
Silicon Valley Bank was the tip of a banking iceberg cointelegraph.com /1 year ago
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