An index of European banking <.SX7P shares fell 4.8% on Monday, falling more than 20% from recent closing high and leaving it on course to confirm it is in a bear market.

The decline extended into a third day as U.S. President Donald Trump’s sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Together with the losses over the past two trading days, the index had fallen by more than 18% on Monday.

Germany’s Commerzbank, Deutsche Bank, France’s Credit Agricole, Societe Generale, BNP Paribas were all down between 9% and 10%.

Britain’s Barclays was down 9%, HSBC dropped around 5%.

Banking stocks elsewhere also tanked, with an index of Japanese bank stocks plunging as much as 17%.

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