(Reuters) – Shares in German lenders continued their losses for a third day as U.S. President Donald Trump’s sweeping tariffs ignited fears of an all-out trade war and a global economic recession. Germany’s Commerzbank and Deutsche Bank were down between 9.5%-10.3% in early Frankfurt trade, after they closed 5.4% and 9.8% lower on Friday. Switzerland’s […]
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European bank shares extend losses on fear of tariff-induced recession
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(Reuters) – Shares in German lenders continued their losses for a third day as U.S. President Donald Trump’s sweeping tariffs ignited fears of an all-out trade war and a global economic recession.
Germany’s Commerzbank and Deutsche Bank were down between 9.5%-10.3% in early Frankfurt trade, after they closed 5.4% and 9.8% lower on Friday.
Switzerland’s UBS was seen down 3.6% in pre-market trade.
Banking stocks elsewhere also tanked, with an index of Japanese bank stocks plunging as much as 17%.
HSBC’s Hong Kong shares plunged 14.7%.
(Reporting by Anastasiia Kozlova, Anna Pruchnicka, editing by Alun John)