European Bank Stocks Slide as Oil, Gas Prices Jump
Dow Jones19:16
1116 GMT - European banking stocks slide as higher oil and gas prices raise the prospect of a sustained inflation shock. The Stoxx 600 Banks index trades 2.5% lower after Brent crude topped $100 a barrel and natural gas prices on the continent hit a three-year high. The fall arrests a steady rally in European banks, with the Europe-wide sector gauge up around 23% so far this year. Major losers include HSBC in London--down 2.3%--and Spain's Santander losing 3.6%. In Paris, BNP Paribas drops 2.6%. Meanwhile, analysts warn that European banks are in line for higher taxes, according to a Bloomberg report published Wednesday.
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