HSBC, UBS, BNP Paribas tumble and lead European decline

HSBC (HSBA.L), USB (UBSN.VX) and BNP Paribas (BNPP.PA) led European shares to fall, with HSBC tumbling 2.6 percent, USB falling 2 percent and BNP Paribas losing 3 percent on early trade Monday November 17.

In London the FTSE 100 dropped 0.6 percent, Frances CAC lost 0.2 percent and Germany’s DAX fell 0.1 percent.

The pan-European FTSEurofirst 300 index was down in morning trade (10.02 GMT) 1 percent at 850.93.

After the chief executive of Deutsche Bank (DBKGn.DE) had said that they did not need any money from the government to survive the economic turndown the bank’s shares rose 1.5 percent.

With the banks leading the decline of European stocks and investors remaining fearful of how much profits are going to fall into recession, it’s a gloomy prospect for all, with all the major economies now in recession it unlikely we will see any signs of recovery until the middle of next year according to a strategist in London.

Source: reuters