European Stocks Tumble 5% Led by Banks
European stocks plunged Friday as investors reeled from fresh US tariffs and growing recession fears.
Banks led losses, with an 8.5% drop after Thursday’s 5.5% slump, as concerns over slowing growth mounted.
China hit back with a 34% tariff on US goods, prompting Trump to claim Beijing “panicked.” In Europe, the European Commission said it is preparing countermeasures, while French President Macron called on European companies to suspend planned investments in the US.
The Stoxx 50 fell 5.3% to 4,843, its lowest since December, while the Stoxx 600 tumbled 5.1% to 496, marking an 8% weekly loss, the worst since March 2022.
Among European banks, Germany's Deutsche Bank and Commerzbank saw declines of 10.1% and 5.1%, respectively, while France's Societe Generale and BNP Paribas dropped 11% and 7.3%. Spain's Santander, Bankinter, Caixabank, and Sabadell saw losses between 9% and 11%.
Source: Trading Economics
