Investors took the “glass half empty” view of Europe’s banking sector in early trading on Wednesday, pushing some of the continent’s biggest bank stocks down by as much as 5% after a mixed bag of quarterly updates.

Italy’s Unicredit (MI:CRDI), Germany’s Commerzbank (DE:CBKG) and Dutch-based ABN AMRO (AS:ABNd) all fell sharply after their respective reports, as markets focused on initial signs that the slowdown in the eurozone economy, and the European Central Bank’s likely response to it, will hit their results hard in the quarters to come.