(Reuters) - Shares in German lenders continued their losses for a third day as U.S. President Donald Trump's sweeping tariffs ignited fears of an all-out trade war and a global economic recession.

Germany's Commerzbank and Deutsche Bank were down between 9.5%-10.3% in early Frankfurt trade, after they closed 5.4% and 9.8% lower on Friday.

Switzerland's UBS was seen down 3.6% in pre-market trade.

Banking stocks elsewhere also tanked, with an index of Japanese bank stocks plunging as much as 17%.

HSBC's ( HSBC ) Hong Kong shares plunged 14.7%.