U.K. Banks Suffer from Higher Valuations, Economic Slowdown Risk -- Market Talk

Dow Jones03-20 19:03

1103 GMT - U.K. banks are underperforming so far in 2026 as investors balk at higher valuations and macroeconomic concerns weigh on the sector, AJ Bell's Russ Mould writes. After a five-year bull run, some U.K. banks are down steeply so far this year. Though inflation spurred by conflict in the Middle East could support banks' income, "any economic slowdown due to higher energy prices could lead to an increase in loan losses that offsets the extra interest income," Mould writes. Investment banks' troubles are compounded by private credit concerns, with Barclays and Standard Chartered 18% and 15% lower for the year, respectively. NatWest is down 18% for the year, though HSBC--which has significant operations in Asia--is flat. (josephmichael.stonor@wsj.com)

(END) Dow Jones Newswires

March 20, 2026 07:03 ET (11:03 GMT)

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Though inflation spurred by conflict in the Middle East could support banks' income, \"any economic slowdown due to higher energy prices could lead to an increase in loan losses that offsets the extra interest income,\" Mould writes. Investment banks' troubles are compounded by private credit concerns, with Barclays and Standard Chartered 18% and 15% lower for the year, respectively. NatWest is down 18% for the year, though <a href=\"https://laohu8.com/S/HSBC\">HSBC</a>--which has significant operations in Asia--is flat. 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After a five-year bull run, some U.K. banks are down steeply so far this year. Though inflation spurred by conflict in the Middle East could support banks' income, \"any economic slowdown due to higher energy prices could lead to an increase in loan losses that offsets the extra interest income,\" Mould writes. Investment banks' troubles are compounded by private credit concerns, with Barclays and Standard Chartered 18% and 15% lower for the year, respectively. NatWest is down 18% for the year, though <a href=\"https://laohu8.com/S/HSBC\">HSBC</a>--which has significant operations in Asia--is flat. 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After a five-year bull run, some U.K. banks are down steeply so far this year. Though inflation spurred by conflict in the Middle East could support banks' income, \"any economic slowdown due to higher energy prices could lead to an increase in loan losses that offsets the extra interest income,\" Mould writes. Investment banks' troubles are compounded by private credit concerns, with Barclays and Standard Chartered 18% and 15% lower for the year, respectively. NatWest is down 18% for the year, though HSBC--which has significant operations in Asia--is flat. 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