Stock markets tumbled on Wednesday, as investors' fears over the health of the banking industry resurfaced, and spread around the world, undoing a rally on Tuesday when the panic appeared to pause.European markets were hard hit, with stocks of many of the region's biggest banks falling sharply.Premarket trading in the United States also suggested that much of Tuesday's gain could be swiftly erased, as anxiety persists about the fallout from the collapse of Silicon Valley Bank and Signature Bank, which were seized by regulators after suffering devastating runs on deposits.
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