European Stocks Pulled Lower by Banks as HSBC Results Disappoint

HSBC Holdings shares fell as much as 7% on Tuesday following earnings results. Bloomberg reported that disappointing HSBC earnings dragged down European stocks, which fell for a third day in four, pulling the broader banking sector lower. MarketWatch attributed the decline to customer migration toward higher-rate products.

• Bloomberg — European Stocks Pulled Lower by Banks as HSBC Results Disappoint
• MarketWatch — Customers are chasing higher-rate products, and that’s bad news for banks like HSBC

Next story