European shares: In the "red" with pressure from banks

[OZER]

European stocks closed lower today amid worries about a slowdown in the economy and pessimistic Credit Suisse forecasts on banks as investors prepare for tomorrow's meeting of the ECB and the Federal Reserve next week.

The pan-European STOXX 600 stock index fell 0.6%. Banks recorded the biggest losses, of 0.9%, since Credit Suisse warned that it is very likely to suffer expanded losses in the second quarter, as strong volatility has hit the investment bank.

"What weighs on financial sector stocks is the worries about a slowdown in the economy. "Confidence has been hurt and consumers are less willing to lend," said Susannah Streeter, an analyst at Hargreaves Lansdown.

Credit Suisse fell about 7% in mid-day trading to cut its losses to 3.8%, with traders citing a report that wants State Street to plan a takeover bid for the Swiss bank.

Shares of HSBC Holdings and UBS fell 1.7% and 2.6% respectively, putting pressure on the pan-European STOXX 600 index.

However, the retail sector, which sank yesterday in Target warning of a further contraction in its profit margins, strengthened 2.1% today with Zara's parent group, Inditex, rising more than 6%, after announcing an increase 80% in its net profits for the February-April quarter.

In Frankfurt, the DAX index ended the day 0.76% lower, in Paris the CAC 40 lost 0.80%, while in London the FTSE 100 closed with marginal losses of 0.08%.

In the Eurozone, the FTSE MIB index in Milan lost 0.53%, while in Madrid the IBEX ended almost unchanged.

[riki]

You mean stole and got away with it

[akb]

The market creates stupid investors, Stupid investors create a bear market, The bear market creates smart investors, Smart investors create a bull market. Those who understand this cycle create wealth in the stock market.

[fav_]

Just gotta say that the idea that you shouldn't invest in companies that don't make money is so ridiculous it's crazy. Companies like Uber have never made money yet are seen as legitimate investments

[bigs]

I know this has more dislikes than likes

[liya]

Great information!  Thank you for this thread. And no I will not trust in stable coins again after this disaster.

[anne]

Дислеймер, не финансовый совет*

[pit]

I don't know, but when will someone at nbc PLEASE PLEASE PLEASE learn and utilize the Oxford Comma?

[sag]

That first 5 minutes is the longest time I ever listened to Maxine Waters without having to facepalm.

[dent]

This is a rigged con-game.  They could pay high wages to all; if only they could live without 4 yachts 

[ping]

Good

[sora]

red hot inflation, and historically low

[DAP7]

Give it to them straight...two shots!

[atan]

Nature may abhour a vaccum, but the human world loves bubbles.

[shaw]

Well sounds like most of them have no clue what they are talking about.