Pressure on the Euromarkets was maintained

Pressure on the Euromarkets was maintained

Pressure on the Euromarkets continued today, sending the pan-European Stoxx Europe 600 index into the red for the second session in a row as banks emerged as the day’s main negative.

In particular, the pan-European Stoxx Europe 600 index fell 0.4% and closed at 467.08 points.

The banking indices became the “weight” of the session, and the STOXX Europe 600 Banks lost 2.2% due mainly to the results of UBS, but also of Santander.

Germany’s DAX managed to close in the trading zone, gaining a small 0.05% to reach 15,872.13 points, while France’s CAC 40 lost 0.6% to close at 7,531.61 points. Britain’s FTSE 100 fell 0.3 percent to 7,891.13 points.

Regionally, Italy’s FTSE MIB lost 1%, while Spain’s IBEX 35 fell 1.2%.

In the banking sector, UBS fell 2.2% after the Swiss bank said its profit fell 52% in the first quarter.

The blow is mainly due to the legal settlement of mortgage loans during the global financial crisis of 2008. However, the bank was able to attract 28 billion dollars in new capital mainly due to the absorption of Credit Suisse.

Spain’s Santander fell nearly 6% after announcing its latest quarterly results.

Outside the banking sector, Britain’s Associated British Foods fell 4.2 percent after it said its half-year profit fell and the company warned about consumer resilience amid high inflation.

In contrast, Novartis jumped 4% after it upgraded its full-year earnings outlook.