European banks got slaughtered on Monday

European markets crashed to near one and a half year lows on Monday as banking stocks across the continent, dogged by concerns about global growth and excessive lending, dragged markets from Britain to Italy deep into the red.

Every major index slumped by at least 2.5% over the course of the day, with the FTSE MIB in Italy, and the IBEX 35 leading the losses.

The MIB dropped by 4.52% to close at 16,470, while the IBEX fell a similar margin to end the day at 8,125 points.

In Spain, Bankia, and Banco Popular, two of the country’s biggest banks slumped more than 7%, while in Italy things were ever worse for the banks. Monte dei Paschi di Siena, and Banca Popolare dell’Emilia Romagna both crashed more than 11% on the day.

Check out the Italian and Spanish charts below:

In Britain, the FTSE 100 index of blue chip stocks ended 2.75% in the red, down to just 5,687 points, led lower by stuttering financial stocks. Amongst the biggest fallers were Prudential, Standard Chartered, and Man Group, all of which were down by more than 5%.

While things on all of Europe’s biggest indexes were pretty awful, they paled in comparison to the problems in Greece on Monday. The Athens General Composite, an index of the country’s biggest companies, dropped by as much as 7.9% on the day, down to its lowest level in 25 years, The ATG was led lower by banking stocks, which averaged losses of 24.3% across the board. Here’s how that looked:

Outside of Greece, the rest of Europe’s major indexes also fell substantially. Here’s the scoreboard:

  • Germany’s DAX 30 — down 3.23%
  • France’s CAC 40 — down 3.22%
  • Eurostoxx 50 — down 3.13%
  • The Netherlands’ AEX — down 3.35%
  • Russia’s RTSI — down 3.01%

The big driver of Monday’s fall was a generally gloomy economic picture across the globe, as well as the renewed slide in the price of oil, and fears about the state of Europe’s banks.

Both major oil benchmarks slid by around 1%, with US crude down to $30.54 at the European close, and Brent down 0.9% to $33.74 per barrel.

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