European banking stocks sold off sharply in early trade Friday as a global contagion effect took hold after shares in U.S. bank SVB Financial plunged 60%.
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%.
Source: https://www.cnbc.com/2023/03/10/european-bank-stock-sink-as-silicon-valley-bank-contagion-spreads.html