Europe open: Banks battered as tariff impact continues to hit Stoxx

(Sharecast News) - European stock markets continued to slide at the open as the repercussions from US tariffs continued to hammer equities globally with banking stocks bearing the brunt on Friday. The pan-regional Stoxx 600 index was down 1% at the open to 518 points with all major bourses lower after another sell-off overnight in the US and Asia.

Europe's benchmark index closed 2.57% lower on Thursday after US President Donald Trump slapped a minimum 10% levy on more than 180 countries, effectively starting a global trade war.

Raifeissen Bank, Sabadell, Deutsche Bank, Commerzbank, Danske Bank, Standard Chartered and BPER Banca were among the major fallers.

"Despite months of sabre-rattling by Donald Trump, markets appear to have been unprepared for the depth and breadth of tariffs announced by the White House," said Derren Nathan, head of equity research at Hargreaves Lansdown.

Oil prices fell again after a 6.4% plunge on Thursday. Brent crude was down almost 2% $68.79 a barrel as investors fear a slowdown in the global economy and an upcoming output increase planned by OPEC+ nations next week.

Reporting by Frank Prenesti for Sharecast.com