HSBC shares finished the day up 3.5 percent after the bank revealed a surge in profits, as well as plans to spend 2 billion U.S. The bank's index was down despite strong economic news from London-based HSBC, Europe's largest bank by assets and market capitalization. The key index is now down 4.0 percent over the last five trading days. Higher interest rates can help slow inflation, but can also add stress to the balance sheets of financial entities.Įuropean stock exchanges were broadly lower on Tuesday, with the blue chip indexes in London and Frankfurt both down 1.2 percent, Paris losing 1.4 percent, and Milan retreating 1.6 percent.īanking stocks helped lead the declines, with the STOXX Europe 600 Banks Index closing at 1.5 percent, after trading in positive territory for most of the day. dollar and the euro currency seeking to further contain record-setting inflation levels sparked by the conflict between Russia and Ukraine.
Markets have also been negatively affected by speculation over interest rate hikes in the United States and Europe, with officials overseeing the U.S.
ROME, May 2 (Xinhua) - European banking stocks fell sharply on Tuesday in the wake of the failure and subsequent takeover of United States-based First Republic Bank.
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