European bank shares tumble day after U.S. market turmoil

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Europe’s STOXX banking index fell 4.2%, set for its biggest one-day slide since early June, with declines for most major names including HSBC down 4.5% and Deutsche Bank (ETR:DBKGn) down 7.9%.

S&P 500‘s bank index finished down 6.6% on Thursday after tech-industry lender SVB Financial Group launched a share sale to shore up its balance sheet due to declining deposits from startups struggling for funding.