(News Bulletin 247) – European stock markets tended to lose ground on Tuesday (-0.3% in London, -0.1% in Frankfurt, -0.7% in Paris), penalized by renewed concerns about investors about the banking sector.
‘The Standard Chartered boss said the risks to the sector have yet to materialise. Additionally, First Republic, which was bailed out by major US banks, saw deposits drop 41% in the first quarter,’ Kiplink points out.
In this context, European banking stocks are often in sharp decline, like Deutsche Bank in Frankfurt, BNP Paribas in Paris and ING in Amsterdam, all three of which show declines of around 2%.
The sectoral context is added to the newly received quarterly results to weigh on UBS (-3% in Zurich) and Santander (-4% in Madrid), among the many publications of the morning on the old continent.
Regarding the publications of the day, the operators heavily sanction those of bpost (-19% in Brussels) and to a lesser extent AkzoNobel (-4% in Amsterdam), but welcome those of ABB (+3%), Novartis (+2%) and Nestlé (+1%) in Zurich.
No major macroeconomic data was scheduled for this morning in Europe, but the afternoon will see the United States release new home sales for March and the Conference Board confidence index.
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