European Stocks Fall Amid Turmoil Over First Republic Bank Worries

European stocks fell today, Thursday, despite the issuance of positive results from a group of companies, as the unrest related to the “First Republic” bank continues to raise investor concerns about the global banking sector.

The European Stoxx 600 index fell 0.1% by 07:20 GMT, after media stocks fell 1.6%. Shares of the “Universal” music group fell 4%, after its core profit fell in the first quarter.

Healthcare stocks were the best performer on the index, up 0.9%.

Concerns related to the banking sector unnerved investors, after shares of First Republic Bank plunged nearly 30% on Wednesday, hitting a record low for the second day in a row.

Despite this, banking stocks rose 0.4%, led by “Barclays”, whose share jumped 2.4%, following quarterly profits that exceeded estimates, after the strong performance of retail services relieved some of the pressure on other major activities.

And Unilever shares rose 1.5%, supported by better-than-expected quarterly core sales, after the Dove soap manufacturer raised prices again to cover higher commodity and supply chain costs.

AstraZeneca shares rose 1.7%, after earnings and revenue exceeded expectations in the first quarter.

It is noteworthy that the shares of the American “First Republic” bank declined, in Tuesday’s trading, by 49.4%, compared to the close of the Monday session, amid expectations that the bank will be a new victim in the current American banking crisis.

Last March, the bank was subjected to a wide wave of deposits exiting, following the collapse of the “Silicon Valley” and “Signature” banks, and the emergence of indications that the “First Republic” would be the next victim.

Also read: “Bloomberg”: The collapse of banks poses a threat to the American financial system