Turbulence in the US banking sector sent the Dax on a steep descent on Monday. The leading German index closed 3.04 percent lower at 14,959.47 points. The MDax lost 2.74 percent to 27,232.34 points. Across Europe, equity markets also looked bleak, while US stock markets stabilized. After Silvergate Capital, Silicon Valley Bank (SVB) and now Signature Bank had collapsed. In the meantime, another US money house is apparently facing major problems with the First Republic Bank.