European Stock Indices Drop to January Levels

European stock indices have fallen to January levels following a decline in bank shares. On Monday, the major stock indices of Western European countries closed with significant losses, triggered by news of the insolvency of two banks in the United States and concerns that these issues could spill over into the European banking sector.

The composite index of the largest European companies, the Stoxx Europe 600, decreased by 2.4%, reaching 442.8 points, the lowest level in the past two months. Meanwhile, the banking sub-index fell by more than 5%, according to Trading Economics.

The British FTSE 100 decreased by 2.6%, the German DAX by 3%, and the French CAC by 2.9%. As a result, all three indices have rolled back to January levels.

The Italian FTSE MIB saw a drop of 4%, marking the largest decline since last June. The Spanish IBEX 35 index lost 3.5% during the day.