European banks drop further after China's retaliation against US tariffs

European banks drop even further on Friday after China said it would impose tariffs of 34% on all U.S. goods as a retaliation against U.S. President Donald Trump's sweeping tariffs

The STOXX 600 banks index .SX7P slumps 9.5%, on track for its worst day since March 2020, the biggest decliner on the broader STOXX 600 .STOXX index, which is down 4.4%

Asia-exposed Standard Chartered STAN.L, HSBC HSBA.L are down 7.4% and 8.2%, respectively

Switzerland's UBS UBSG.S, Germany's Commerzbank CBKG.DE and Deutsche Bank DBKGn.DE fall 6.8%-11.1%, while France's Credit Agricole CAGR.PA, BNP Paribas BNPP.PA, Societe Generale SOGN.PA fall 5.8%-12.4%

Spain's Bankinter BKT.MC, Caixabank CABK.MC, Santander SAN.MC, and Sabadell SABE.MC are down between 10% and 12.5%

Denmark's Jyske Bank JYSK.CO, Sydbank SYDB.CO and Danske Bank DANSKE.CO fall 6.8%-9.1%