Nearly half of Europe’s largest stocks are now in what analysts call a bear market or downturn, data analysed by Reuters showed on Monday, as fears mount that the post-financial crisis rally might be on its last legs outside the United States.

The pan-European STOXX 600, currently at a 22-month low, is itself down almost 12 percent since its January peak, and 290 of its 600 components have lost at least 20 percent in value from their highest levels in the last 52 weeks.

Two sectors stand out particularly in the retreat: the automotive industry and banks, which have lost roughly 28 percent and 25 percent respectively.

While Wall Street’s buoyant indexes managed to bounce back last Friday after the biggest scare since a market correction in February, shares in Asia and in Europe are currently failing to recover.

The divergence between bullish U.S. stock markets and the rest of global stock markets has been a red flag for investors since the beginning of the year.