HSBC weighs on banks as European stocks advance

Wednesday, 21 February 2018 00:54 WIB

Stoxx 600Saham EropaStoxx Europe 600


European shares rose on Tuesday thanks to a slew of well-received results, though banks were a weak spot after HSBC reported weaker than expected earnings and said it needed as much as $7 billion of fresh capital.

The pan-regional STOXX 600 benchmark ended the session with a gain of 0.6 percent, while the banking index declined 0.1 percent.

A weaker euro also helped euro zone stocks make headway after a lacklustre start to the week.

HSBC dropped 3 percent after its trading update, the last under outgoing CEO Stuart Gulliver, who has pushed through a painful restructuring of Europe’s biggest bank by market value.

Credit Suisse analysts said HSBC’s pledge to undertake share buybacks “as and when appropriate” could mark a change in capital-return strategy by the new management.

Elsewhere, some positive earnings buoyed sentiment.

Among regional indexes, London’s FTSE 100 was flat, with the world’s biggest miner, BHP (BLT.L), joining HSBC among fallers as it dropped by 4.6 percent after missing results forecasts.

Source: Reuters


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