European bank stocks sink as Silicon Valley Bank contagion spreads

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A view of the Canary Wharf financial district of London.
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European banking stocks sold off sharply in early trade Friday as a global contagion effect took hold after shares in U.S. bank SVB Financial plunged 60%.

It followed an announcement by the tech-focused lender of a capital raise to help offset bond sale losses.

This is a breaking news story and will be updated shortly.