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European shares down dramatically

Amid increasing concerns related to the banking crisis in the US and uncertainty for central banks’ moves in the coming days, stock markets on Wednesday saw rapid declines globally.

European shares decreased around 2.5-3% during the third transaction day of the week as of 1136GMT.

STOXX Europe 600 index declined by 2.64% to 437.71 points.

The UK’s FTSE 100 index dropped by 2.41% to 7,451.30 points and Germany’s DAX index declined by 2.95% to 14,783.51 points.

France’s CAC 40 index was down by 3.4% to 6,899.13 points and Italy’s FTSE MIB decreased by 3.71% to 25,805.94 points.

Last week, the US regulators shut down the California-based Silicon Valley Bank, marking a shocking collapse.

The US-based commercial bank was the largest bank in Silicon Valley based on local deposits, and the 16th-biggest bank in the country.

After SVB, US regulators shut down the New York-based Signature Bank on Sunday in an effort to prevent a banking crisis.

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