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European banks fell to levels not seen for five years on Tuesday, dragging down the rest of the market, as investors continue to fret about the health of the sector amid growing signs of slowing economic growth.

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European stocks higher overall Wednesday, with the dropping price of oil lifting auto stocks in particular, although concerns for the health of the financial sector remained.

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European stocks declined Tuesday amid worries about the health of the financial sector, following on from losses in the U.S. overnight on reports that the U.S. Treasury may need to rescue ailing mortgage providers Fannie Mae and Freddie Mac.

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Stocks in Europe fell Thursday, with mineral extractors and banks taking the brunt of the losses as worries were reignited about the health of the global economy.

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