Gold prices steady ahead of Fed decision; weekly weakness noted
Investing.com -- European lenders continued their sharp decline on Friday as global markets remained under pressure from U.S. President Donald Trump’s aggressive tariff measures.
As of 04:20 ET (08:20 GMT), Stoxx 600 Banks was down 4.9%. Among the hardest hit were BPER Banca, Deutsche Bank (ETR:DBKGn), and Sabadell, all losing between 6.3% and 8.6%.
Other major banks, including BNP Paribas (OTC:BNPQY) and ING Groep (AS:INGA), were down 5.1% and 4.8%, respectively.
The selloff wasn’t confined to Europe. Wall Street’s biggest financial players, including Goldman Sachs, Morgan Stanley (NYSE:MS), and JPMorgan Chase (NYSE:JPM), suffered significant losses on Thursday, with declines ranging from 7.2% to 9.8%—the steepest since the 2020 market turmoil.
The wave of selling reflects deepening concerns over the economic consequences of heightened trade tensions.
Investors fear that higher costs imposed by tariffs will stifle business activity, weaken loan demand, and increase the risk of credit defaults.