Financial stocks showed signs of stabilising but were still mostly in the red with falls in share prices for lenders in most overseas markets overnight.
In the UK, HSBC (LSE:HSBA) is down 1.5% after falls in Hong Kong and other Asian markets notably Japan.
NatWest Group PLC (LSE:NWG) shed 0.4% with Lloyds Banking (LSE:LLOY) down 0.9% even though on paper it is the least exposed to tech businesses.
Shares of Japan’s biggest banks, meanwhile, dropped sharply as global markets reacted to the US banking sector sell-off and uncertainty over interest rates in the wake of the collapse of Silicon Valley Bank.
Japan’s Topix Banks index was down as much as 7.8%, on track for its worst day in more than three years, dragging the Topix index overall down by more than 3.1%.
The Nikkei 225 ended down 2.2% while the Hang Seng index in Hong Kong tumbled 2.4%.
Softbank, one of the world's largest tech investors, is based in Japan.
US markets were mixed Monday. The Dow closed down 91 points, 0.3%, at 31,819, tech-laden Nasdaq rallied while the S&P 500 was flat.
Banking companies, particularly regionals, were a different story and saw some hefty losses.
First Republic Bank shares fell more than 60% and Western Alliance Bancorporation stock dropped nearly 50%.
National ‘regionals’ Bank of America and Wells Fargo closed 5.6% and 7.1% lower, respectively.