DAX sinks 295 pts as Deutsche Bank plunges 11%

EPA-EFE/ARMANDO BABANI

Major European markets plunged on Friday amid widespread selling in the banking sector, with Deutsche Bank leading the declines. The German DAX lost 1.87% or 283 points at 10:57 am CET, with Deutsche Bank being the worst performer, plunging by 11.17%.

Germany's benchmark bank fell for a third straight day, dropping nearly a third of its value this month and trading 22% lower year-to-date. The move follows a surge in credit default swaps Thursday night to 173 points as concerns persist about the stability of the European and US banks.

Stocks in other markets also extended losses. At 10:56 am CET, the CAC 40 lost 2.03%, and the FTSE 100 declined 1.93%. The pan-European Euro Stoxx 50 fell by 2.07% a minute later.

Baha Breaking News (BBN) / JG