European bank stocks plunge again as SVB market turmoil continues

The US government stepped in on Sunday with a series of emergency measures to shore up confidence in the banking system following the failure of Silicon Valley Bank

People look at signs posted outside of an entrance to Silicon Valley Bank in Santa Clara, Calif., Friday, March 10, 2023. From winemakers in California to startups across the Atlantic Ocean, companies are scrambling to figure out how to manage their finances after their bank, Silicon Valley Bank, suddenly shut down on Friday. The meltdown means distress not only for businesses but also for all their workers whose paychecks may get tied up in the chaos. (AP Photo/Jeff Chiu)

Bank shares in Europe and Asia plunged on Monday as the collapse of startup-focused Silicon Valley Bank continued to batter markets, while U.S. large banks failed to hold onto a brief premarket rally after authorities moved to stem the contagion.

Europe's STOXX bank index was down 4.3%, having shed 3.78% on Friday, leaving it on track for its biggest two-day fall since Russia began its invasion of Ukraine in February 2022.