LONDON, Feb. 11 2016.- The shares of European banks sank to multi-year lows, dragging bags of the region, to increasing concerns about the profitability of the lenders in an environment of low growth and low rates interest.
the STOXX Europe 600 index of European banks fell to 6 percent, its lowest level since August 2012, before impact companies such as Societe Generale, whose shares lost up to 14 percent after post a rise in net profit lower than expected fourth quarter.
the main stock index in Europe, the FTSEurofirst 300 was down 2.88 percent to 1205.71 points. In the previous session, the benchmark had advanced 1.8 percent, momentarily cutting off a run of seven days of losses.
The British banking index fell to 4.3 percent, its smallest level since 2009.
Shares of HSBC and Standard Chartered were down to 4 and 6 percent, respectively. Both banks, which have large operations in Hong Kong, suffered a selloff in the Hong Kong stock market, which was precipitated by persistent worries about a slowdown in China.
Shares of Swedish companies like Svenska Handelsbanken, Swedbank and Nordea bank fell between 3.8 and 4.2 percent, extending their declines after the Swedish central bank lowered its benchmark interest rate by 15 basis points to -0.50 percent.
the benchmark bank index Greece was collapsing to lose 17.7 percent, setting a new record low.
the Deutsche Bank shares down 7 percent.
TFO
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