2024-02-21 09:58:10
European markets started Wednesday’s session lower, under pressure from banking stocks following the release of disappointing business results from HSBC, while investors await data on consumer sentiment in the euro zone.
The banking services sector fell by 1 percent. HSBC shares fell 7.2 percent and is heading to suffer its largest losses in one day since March 2020, following its annual profits fell below analysts’ expectations, as the increase in its income was negated by the rise in interest rates, in exchange for a huge cost of three billion dollars due to the valuation of its share. In a Chinese bank.
The broader European STOXX 600 index fell 0.3 percent by 0820 GMT.
Among other influential factors, JDE Beat’s expectations for increased organic sales in 2024 came in at the lower end of its medium-term target, pushing its stock down four percent.
Glencore shares fell 4.1 percent, leading to a 0.8 percent loss in the basic resources sector, as the mining company announced disappointing business results and reduced dividends to investors.
On the data front, investors are awaiting February data on the euro zone consumer sentiment index, which is scheduled to be released at 1000 GMT, while the US Federal Reserve will release the minutes of its January meeting later on Wednesday.
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