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© Reuters. The DAX chart of the German stock price index on the Frankfurt Stock Exchange(Reuters) – European stocks fell for a third straight session on Monday, hit by concerns about a surge in coronavirus cases on the continent and a drop in HSBC and Standard chartered (OTC 🙂 following reports alleging that UK lenders move illicit funds.
The pan-European STOXX 600 () fell 1.0% in early deals, while the FTSE 100 (), which is heavily banking, fell 1.6%.
Asia-focused lender HSBC (L 🙂 fell 3.2% to its lowest level since March 2009 and Standard Chartered (L 🙂 fell 2.9% after BuzzFeed and other media reports They said they and other banks moved large sums of allegedly illicit funds in nearly two decades despite red flags about the origins of the money.
Meanwhile, a China’s state-owned Global Times report suggested that HSBC could be a possible candidate for inclusion on the country’s “untrustworthy entity list” targeting foreign companies that violate Chinese laws or commit “illegal acts.”
The European banking sector (), which already fell 40% this year, fell 2.2%.
New restrictions driven by the coronavirus in Spain and other European countries and the news that British Prime Minister Boris Johnson was considering a second lockdown in Britain caused Europe’s travel and leisure index () to drop 2.5% .
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