Economy

Largest Weekly Decline for European Stocks in Five Months

Largest Weekly Decline for European Stocks in Five Months

European stocks gave up their early gains and recorded their largest weekly decline in five months after supportive measures taken by regulators in the United States and Europe failed to allay fears of a global banking crisis. The Stoxx 600 index closed down 1.3 percent, affected by declines in the banking, insurance, and financial services sectors. The banking sector index lost 2.6 percent as shares of HSBC, BNP Paribas, Allianz, and UBS Group fell between one and three percent. The Stoxx 600 index lost about four percent this week, with bank stocks dropping 11.5 percent following the collapse of American and European banks, which raised concerns among investors about the financial sector's situation.

Our readers are reading too