Nearly £11bn knocked off UK bank valuations today
Nearly £11bn has been wiped off the value of the largest banks listed in London today.
Banks were among the big fallers in today’s sell-off, with Barclays down 5.66%, NatWest losing 2.88%, HSBC down 2.5%, Standard Chartered losing 3.5% and Lloyds Banking Group off 2.4%.
By my maths, that knocks £10.8bn off the combined value of those five banks, as anxiety over US regional banks swept the sector yesterday.
Joe Mazzola, head trading & derivatives strategist at Charles Schwab, explains:
Bank earnings took on new importance today after credit concerns sent [US] regional bank shares down 6% Thursday and spooked the market two weeks before Halloween.
Stocks clawed back from their worst overnight losses after several regional banks reported solid results and CNBC reported that Treasury Secretary Scott Bessent will speak with his Chinese counterpart today on trade.
Recent bankruptcies…
