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Live news: Vix hits highest since October as bank stock sell-off stirs volatility

Shares in European lenders fell sharply on Friday following a sell-off in US banks that wiped over $50bn of their market value.

Financial stocks retreated more than 3 per cent on the Stoxx 600 index, dragging the European benchmark down 1.4 per cent.

Shares in German lender Deutsche Bank, listed in Frankfurt and New York, fell more than 7 per cent.

France’s Société Générale, the Netherlands’ ING, London-listed HSBC and Bank of Ireland retreated around 5 per cent by mid-morning trading on Friday. Shares in Credit Suisse tumbled 3 per cent.

Sweden’s EQT, a private capital and growth investment group, fell 8 per cent to the bottom of index.

The global rout was sparked by a capital increase at Silicon Valley Bank, prompted by a €1.8bn loss at the small, technology-focused lender.

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