European Bank Stocks Suffer Losses: Handelsbanken Disappoints, SEB Shares Fall

The benchmark European index fell Stokes 600 On Wednesday, banking stocks declined after Swedish bank Handelsbanken posted disappointing profits, while technology stocks limited losses following strong ASM International expectations..

Europe’s STOXX 600 index fell 0.5 percent to a record high after rising to its highest levels in more than a week..

European bank stocks are suffering losses

Banking shares fell 1.2 percent after Handelsbanken shares fell 12.1 percent due to a failure to achieve first-quarter profits, while SEB shares fell 3.7 percent after weaker-than-expected interest income announced in the first quarter of 2024..

Banking stocks led losses in the sector, falling two percent, while Allfunds Bank also lost 11 percent after a report said its manager had abandoned talks about a possible sale..

Stock fell UPS 2.9 percent after bank executives expressed serious concerns about the Swiss government’s plan to impose tougher capital requirements..

Performance of technology company stocks

Technology stocks rose 1.3 percent after ASM International jumped 11 percent after the chip-processing equipment supplier raised its second-quarter earnings forecast..

European stocks performed strongly in the previous two quarters before stalling in April, as geopolitical tensions and fears of a weak earnings season trumped hopes of an impending cut in interest rates..

Evotec shares fell 32 percent after the German biotech company announced disappointing forecasts for 2024..

Roche Pharmaceuticals shares lost 3.3 percent after first-quarter sales fell six percent due to a loss of revenue related to the Corona virus.

Shares in Norway’s Insurance Store Brand rose 7.5 percent after announcing good first-quarter results and a buyback program.