Shares in Europe's banking sector plummeted Monday as financial markets across the globe collapsed under pressure from the latest US tariffs.

At 9:28 am CET, the Euro Stoxx Banks Index (SX7E) was down 4.68% at €156.89, while the broader STOXX Europe 600 Banks Index dropped 5.29% to €214.67.

Among the biggest decliners, Commerzbank plunged 11%, Societe Generale dropped 10%, and Barclays slid 9%. Deutsche Bank and Banco Santander both fell 8%, while ING Groep and BBVA each lost 7%. HSBC was down 6% as investors reacted to fears of a prolonged economic slowdown triggered by escalating trade tensions.