European shares were led lower
by declines in the bank sector on Thursday, leaving an index of
the continent's top companies to nurse a weekly loss.
The pan-European STOXX 600 index closed down 0.4
percent, ending the week with a 0.2 percent decline over a
holiday-shortened four-day week, following two weeks of gains.
The banking sector was down 1.2 percent at a five-week low, set for its fifth straight day of losses as investors globally fled risky assets.
Spain's Banco Popular and Austria's Raiffeisen Bank led the sector's losses, down 3.6 percent and 5.5 percent respectively. French banks Societe Generale, Credit Agricole and BNP Paribas were also among the top fallers, down by between 1.4 and 2.6 percent.
“The global reflation trade came off and banks, which have been doing quite well, have been dropping," Norman Villamin, chief investment officer at UBP (Union Bancaire PrivĂ©e), said. "But we still see opportunity for European banks going forward, and we are looking in the pull back for the opportunity to put some money to work in European banks.”
German airline Lufthansa fell 3.1 percent after investor InfiniteMiles placed a 2.5 percent stake at 15.25 euros per share.
Svenska Cellulosa Aktiebolaget rose to a record high, up 7.8 percent. A group of private equity companies bid around 200 billion Swedish crowns ($22.3 billion) for the hygiene arm of the tissue and forestry products company, a Swedish newspaper said, citing unnamed sources.
The banking sector was down 1.2 percent at a five-week low, set for its fifth straight day of losses as investors globally fled risky assets.
Spain's Banco Popular and Austria's Raiffeisen Bank led the sector's losses, down 3.6 percent and 5.5 percent respectively. French banks Societe Generale, Credit Agricole and BNP Paribas were also among the top fallers, down by between 1.4 and 2.6 percent.
“The global reflation trade came off and banks, which have been doing quite well, have been dropping," Norman Villamin, chief investment officer at UBP (Union Bancaire PrivĂ©e), said. "But we still see opportunity for European banks going forward, and we are looking in the pull back for the opportunity to put some money to work in European banks.”
German airline Lufthansa fell 3.1 percent after investor InfiniteMiles placed a 2.5 percent stake at 15.25 euros per share.
Svenska Cellulosa Aktiebolaget rose to a record high, up 7.8 percent. A group of private equity companies bid around 200 billion Swedish crowns ($22.3 billion) for the hygiene arm of the tissue and forestry products company, a Swedish newspaper said, citing unnamed sources.
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