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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ING Groep NV | EU:INGA | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.062 | 0.41% | 15.23 | 15.204 | 15.26 | 15.258 | 14.916 | 14.93 | 10,630,399 | 16:40:00 |
By Ed Frankl
Shares in European banks dived on Friday, tracking U.S. banking stocks overnight that fell on market jitters after tech-focused lender SVB Financial Group said it lost $2 billion selling assets following a slump in deposits.
The Stoxx Europe 600 Banks index, which tracks the continent's largest lenders, was down 4.1% at 0920 GMT.
Among Europe's larger banks, HSBC Holding PLC shares in London are down 5.5%, Lloyds Banking Group falls 3.1%, Deutsche Bank AG dives 7.9%; BNP Paribas SA slumps 3.9%; ING Groep NV sinks 5.3%; Intesa Sanpaolo SpA drops 3.1%; Banco Santander SA dips 5.2%; and UBS Group AG tumbles 4.5%.
The fall in the sector's stocks wipes out some of the gains in market value that banks have made since the start of the year, driven by a strong set of earnings on the back of rising interest rates that fed into income from loans.
However, since the start of the year, the index is still up 13%, according to FactSet data.
More than $50 billion was wiped out Thursday from the top four U.S. lenders--JPMorgan, Bank of America, Wells Fargo and Citigroup--spooked by contagion fears after SVB's decision to sell a large chunk of its securities portfolio at a loss.
While the sharp rise in interest rates and bond yields over the past year was expected to expose some issues in financial services, SVB's issues don't constitute a Lehman moment for the industry, according to analyst Gary Greenwood of Shore Capital.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
March 10, 2023 05:00 ET (10:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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