How European Stocks Reacted to Coronavirus and Allegations

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Stocks and interesting details

European stocks suffered losses on September 21 as allegations surrounding dubious bank dealings and coronavirus cases affected the investor sentiment around the world.

The pan-European Stoxx 600 fell more than 3.2% provisionally, with banks plunging 5.7% and travel stocks tumbling 5.2%.

Germany’s DAX fell 537.81 or 4.37% to 12542’44. Moreover, the French CAC 40 index dropped 186.14 points or 3.74% to 4792’04. Also, U.K’s FTSE 100 declined 202.76 points or 3.38% to 5804’29.

Investors devoted a lot of time to the coronavirus pandemic. It is not surprising that investors would like to learn more about the latest coronavirus developments. Moreover, they kept a close eye on the bank shares following allegations this weekend.

Importantly, in Asia, Hong Kong-listed shares of Standard Chartered and HSBC fell on Monday, following reports that they allegedly moved large sums of suspicious funds. Let’s get back to Europe. On Monday afternoon, London-listed shares of Standard Chartered plunged 5.2% and HSBC fell 4.9%. Notably, earlier in the trading day, shares of HSBC fell to a more than 25-year low.

According to the information, several global lenders allegedly moved suspicious funds over a period of nearly two decades. Interestingly, the reports cited confidential documents submitted by banks to the U.S. government.

Stocks and coronavirus pandemicBanks and market sentiment

The coronavirus pandemic is a serious threat, and it continues to affect stocks for more than half a year. In the U.K., the government’s top scientists issued a warning. According to scientists, the country could expect to see almost 50’000 new cases per day in mid-October without measures.

Importantly, when it comes to individual share price action, Germany’s United Internet fell more than 24% by the afternoon. The United Internet lowered its outlook and this decision affected its shares.

Interestingly, Rolls-Royce dropped 10.8% after announcing plans to raise $3.24 billion to boost its finances. Also, IAG, the shares of the parent company of British Airways, IAG fell on Monday.

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