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

Shares in the European lender fell sharply on Friday after a sell-off in US banks wiped $50bn off their market value.

Financial shares retreated more than 3 percent in the Stoxx 600 index, dragging the European benchmark down 1.4 percent.

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

France’s Société Générale, the Netherlands’ ING, London-listed HSBC and Bank of Ireland retreated about 5 percent by mid-morning trade on Friday. Shares in Credit Suisse fell 3 percent.

Sweden’s EQT, a private capital and growth investment group, fell 8 percent below the index.

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

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