The downward trend follows a sharp selloff in US financial stocks European and Asian stock markets plummeted on Friday, following a rout in US equities amid liquidity concerns in the banking sector. The meltdown was triggered by US bank SVB Financial, known as Silicon Valley Bank (SVB), which plunged 60% on Thursday after revealing that it needed to raise more than $2 billion in capital to offset losses from bond sales. The announcement rocked financial stocks, with Euro Stoxx Banks index on Friday on pace for its worst day since June, led by a decline of more than 8% for Deutsche Bank. Societe Generale, HSBC, IN
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