European stocks tanked on Monday as investors shrugged off global efforts to stem a fast-moving crisis emanating from the US banking sector.
Germany's finance watchdog insisted the collapse of Silicon Valley Bank posed no threat to financial stability, and France's economy minister declared US bank failures had no contagion risk.
Frankfurt and Paris stock markets dropped by about three percent, while Milan dived almost five percent at one stage and Zurich shed 1.7 percent. The dollar fell as the turmoil sparked uncertainty over the US Federal Reserve's plans to hike interest rates, while oil prices also slid."Far from calming nerves, fear of contagion has ramped up further with investors dumping risk assets across Europe," City Index analyst Fiona Cincotta told AFP.
Asian stocks diverged on US pledges to backstop troubled lenders after the collapse of SVB was followed by the failure of Signature Bank.
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