A setback on the US stock exchanges sent the Dax plummeting on Friday. Shortly after the start of trading, the leading German index fell by 1.93 percent to 15,331.08 points. On a weekly basis, a loss is imminent after climbing to a 13-month high at 15,706 points on Tuesday.

The MDax lost 1.81 percent on Friday to 27,924.85 points. The Eurozone leading index EuroStoxx 50 fell by 2.17 percent to 4193.00 points.

The collapse of the crypto bank Silvergate Capital and the fall in the price of SVB Financial shares on the Nasdaq had reminded investors of the dangers that can be associated with the recent rise in interest rates, for example through loan defaults. Wall Street's best-known index fell to its lowest level since November, eradicating its annual gains in the Dow Jones Industrial. The increase in the Dax since the beginning of the year, on the other hand, is still just over ten percent.