If it is bad being a bank in the stock market right now, being a European bank is even worse. The Euro STOXX banks index is down 34% this year, compared with a 23% fall for U.S. banks in the KBW banks index. The sector is trading more than 40% below book value and the cost of insuring European bank debt against default has doubled from a year ago.

Source: Wall Street Journal December 27, 2018 11:04 UTC