Banks Slump to Deal Blow to Engine of Europe’s Strong Rally
- European banks slump as much as 4.9%, the most since June
- SVB slumps 42% in premarket, extending Thursday’s 60% collapse
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European bank stocks tumbled, tracking steep declines in US and Asian peers on concerns that signs of distress at Californian lender SVB Financial Group could be an indicator of much broader dangers.
The Stoxx 600 Banks Index slumped 3.6% as of 11:47 a.m. in London, the biggest drop since September. All 42 members of the gauge declined, with Germany’s Deutsche Bank AG dropping the most, down 7.2%.