European Banks Fall on Italy Concerns, Weighing on EUFN ETF
September 28 2018 - 10:16AM
Dow Jones News
By Adam Clark
European financial stocks fell on Friday due to the prospect of
a clash between Italy's antiestablishment government and the
European Union over budget deficit targets, pulling down the share
price of exchange-traded fund iShares MSCI Europe Financials ETF
(EUFN).
--EUFN, which invests in European banks and insurers, has Banco
Santander SA (SAN.MC), BNP Paribas SA (BNP.FR), Lloyds Banking
Group PLC (LLOY.LN), and ING Groep NV (INGA.AE) among its most
heavily-weighted holdings, all of which were down by more than 3%
on Friday afternoon.
--BNP Paribas was the steepest faller among EUFN's holdings,
down 4.1% in afternoon trading in Paris to EUR52.24, from its
closing price on Thursday of EUR54.47. The fund's largest holding,
HSBC, was among its better performers, trading down 1.3% with less
exposure to Europe.
--EUFN holdings Santander, BNP Paribas, ING, and Lloyds are all
among the top 10 falling stocks of the week on the Stoxx Europe
50.
--According to issuer Blackrock, EUFN has $1.29 billion in
assets, split among 80 holdings. The four falling banks form 14.8%
of the fund's total holdings.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
September 28, 2018 11:01 ET (15:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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