As we witness what many are describing as a bloodbath in world stock markets, there are some particularly gory casualties. Bank shares that are based in the UK but have exposure to other countries have experienced some of the most severe declines. Standard Chartered and HSBC, who sit at the crossroads of east and west trade, have been severely damaged, with their shares dropping more than 10% overnight before partially recovering when the London markets opened. Banks like Lloyds and NatWest, which are frequently used as stand-ins for the UK economy's outlook, are down more than 5% this morning, indicating the growing likelihood that the economic shock revealed by Donald Trump could trigger a recession.

A worldwide economic slowdown is also causing major commodities like oil and copper to flash red. Donald Trump is experiencing his Liz Truss moment, according to multiple market analysts, when investors lose faith in the ability and direction of those who decide economic policy. Everyone is afraid when something happens to the largest economy and consumer in the world.

This morning, there have been some notable movements in European markets, with indices opening lower and then rising somewhat. After opening lower by 10%, the German DAX recovered slightly to close lower by 7%. The FTSE is currently down 5.2%, and the French CAC is down 6%. For individual businesses, Standard Chartered is down 8% and IAG Group, the owner of British Airways, is down 11% in London.

European stocks in banks and defense companies have experienced some of the largest declines this morning. Tank manufacturer Rheinmetall fell about 24% in Germany, and Rolls-Royce's stock fell 12% in the UK. Earlier this year, defense stocks surged on expectations of increased European government expenditure. Barclays' and NatWest's stock declined 8% and 7%, respectively, among the banks. Deutsche Bank and Commerzbank both had a roughly 10% decline in Germany. Very few businesses are avoiding the sell-off. The share price of every single company in the UK's FTSE 100 index dropped this morning.