• Eurostoxx -0.4%
  • Germany DAX -0.4%
  • France CAC 40 -0.3%
  • Spain IBEX -0.8%
  • Spain IBEX -0.6%

It's a volatile start to the session as bank stocks are pressured lower with BNP down 5%, SocGen down over 4% and CA down over 2% at the moment. Credit Suisse is down over 60% and if that holds, is set for its biggest daily drop on record. In the US pre-market, JP Morgan is down roughly 1.5% while Citi and BofA are down a little over 1% currently.

That said, US futures have pared some losses from earlier with S&P 500 futures now down 18 points, or 0.5%, after having been down by as much as 38 points earlier. However, sentiment is still balanced on a knife's edge right now so expect more swings in the market in the hours ahead.