07:46 AM EDT, 04/04/2025 (MT Newswires) -- European bourses tracked solidly lower midday Friday as traders eyed possible global trade wars, after Beijing announced a 34% tariff on US goods imports, a tit-for-tat for Washington slapping a like levy on China imports on Wednesday.

The banking industry led declining market sectors, with an index of European bank shares down nearly 10% mid-session.

HSBC shares were down 7.7% midday.

An oil-and-gas European stock index was 6% lower as crude prices fell amid prospects for slower global economic growth and demand.

Investors also eyed Wall Street futures signaling red, and large losses overnight on Asian exchanges, although trading floors in Hong Kong, Shanghai and Taiwan were closed on holiday.

The pan-continental Stoxx Europe 600 Index was down 4.8% mid-session.

The Stoxx Europe 600 Technology Index was off 3.9%, and the Stoxx 600 Banks Index lost 9.8%.

The Stoxx Europe 600 Oil and Gas Index was off 6%, and the Stoxx 600 Europe Food and Beverage Index declined 0.2%.

The REITE, a European REIT index, fell 3.2%, and the Stoxx Europe 600 Retail Index declined 1.2%.

On the national market indexes, Germany's DAX was down 4.7%, and the FTSE 100 in London was 4.2% lower. The CAC 40 in Paris was off 3.9%, and Spain's IBEX 35 lost 5.6%.

Yields on benchmark 10-year German bonds were lower, near 2.5%.

Front-month North Sea Brent crude-oil futures were down 7.2% at $65.14 per barrel.

The Euro Stoxx 50 volatility index was up 44.5% at 37.28, indicating above-average volatility for European stock markets in the next 30 days, a negative signal. A reading above 20 indicates choppier markets ahead, while below 20 suggests calmer exchanges.