Europe's banking sector got hammered on Monday
European stocks opened the week in negative territory, dragged lower by a stuttering banking sector on Monday as investors got their first chance to react to Friday's Europe-wide bank stress tests.
Stocks across the board fell on the day, but banks were by far the worst hit, with the STOXX European bank index dropping by 2.46% at the close.
Investing.com
The worst hit single banking institution on the day was Italy's largest lender, UniCredit. UniCredit fell more than 9% after Friday's stress test showed a weaker than expected result. Here's how the bank looked on the day:
Investing.com
In the UK's banking sector things were a little better stocks wise, and all but one major lender in the UK lost value on the day. Here's the scoreboard:
- Royal Bank of Scotland - down 1.61%
- Barclays - down 2.07%
- HSBC - down 1.08%
- Lloyds - up 0.17%
The only major European banking stock to see a substantial rise on Monday was stricken Italian lender Monte dei Paschi di Siena. At one point in the day Monte dei Paschi was up by more than 8.8%, and though it fell to the close, still finished the day higher by around 3.3%.
Monte dei Paschi's rise on the day was largely fuelled by the last minute rescue deal agreed by the bank on Friday afternoon, which went some way to assuaging fears from investors that Monte dei Paschi is on the brink of collapse. Here's the chart on the day:
Investing.com
As a result of weak banking stocks, shares across the continent fell. Here's the Europe-wide scoreboard:
Investing.com
- Welcome to the white-collar recession
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- Assassin’s Creed Mirage on iPhone 15: Killer game to debut on Pro and iPad on June 6
- 5 worst cooking oils for your health
- From fiber to protein: 10 health benefits of including lentils in your diet
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market