2023-10-26 08:04:09
Shares of some of Europe’s biggest banks fell in early trading Thursday, after a series of earnings updates disappointed investors, who already fear profit margins may have peaked after a long streak increases in central bank interest rates.
At 0736 GMT, the European banking index fell 2.4% to its lowest level in four months. The biggest losers in the index were Standard Chartered, down 11%, Swedbank, down 7.6% and BNP Paribas, down 5.1%.
Standard Chartered, which is listed in London and makes most of its profits in Asia, fell 17% at the open, triggering a brief automatic trading halt.
The FTSE 350 Banks Index hit its lowest level since March and was down 2.5%.
However, several Spanish banks appeared to deviate from the trend. Sabadell rose about 5% after revising upward its net interest income growth outlook for 2023, due to rising interest rates. (Reporting by Iain Withers and Naomi Rovnick in London, Jesus Aguado in Madrid and Danilo Masoni in Milan; Editing by Amanda Cooper)
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