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European banks: They lost more than 100 billion in capitalization

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ΕυρωπαΙκΕσ τρα&pi ;εζεσ: Εχασανσσοτερα απο 100 δι σ σεφαλιοποηση /> </strong></p> <p>The largest weekly decline in the last 17 months was recorded by European banks, after the massive sell-off observed in the last few days in the markets.</p> <p>In particular the banking index STOXX (.SX7P), has lost 7.78% this on the week, with Friday's 4.27% losses adding to Thursday's 4.5% drop. That would be the biggest weekly drop since March 2023, when the sector was rocked by the collapse of Credit Suisse and concerns about the stability of US regional banks.</p> <p>This – according to LSEG data – resulted in European banks losing more than $100 billion in market value in just one week. At the same time, the European Central Bank has detected other problems.</p> <p>Global central banks are starting to cut interest rates – the Bank of England cut on Thursday and the Federal Reserve is preparing to cut next month – which tends to erode lenders' profitability.</p> <p><strong>Broad sell-off in European banks</strong></p> <p>At the center of the downward trajectory was the share of Societe Generale, which closed with losses of almost 9%. The French bank cut its estimates for France's net retail interest income, dragging the broader banking sector along.</p> <p>Swiss bank UBS, which is not included in the banking index, saw its shares fall by 9.5% Friday.</p> <p>The move in banks is part of a broad sell-off in equity markets with other sectors, including technology, being hit hard.</p> <p>Evidence that global growth is slowing and that the monetary policy easing cycle has now open, they do not help the lenders.</p> <p><strong>In Greece</strong></p> <p>The general negative climate also affected the banks and the Athens Stock Exchange.</p> <p>The banking index came under pressure, falling -4.00% to 1,254 points, despite strong H1 financials.</p> <p>Piraeus stock, which led the one-day rally before falling 4.85% to €3.829, Alpha Bank's stock fell 3.78% to €1.627, Eurobank's stock traded down -3.72% to €2.047, while Ethniki's stock fell 3, 81% to 7.68 euros.</p> <p>The banking index closed the week with losses of 3.02%, while since the beginning of 2024 it has recorded gains of 18.18%.</p> <p><noindex></p> <div class=Source: 24h.com.cy

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