Wall Street has opened sharply lower this morning on the return of European sovereign debt fears.
Financials in Europe and across the Atlantic are in decline today after the Wall Street Journal reported July's bank stress tests understated some financial institutions' sovereign debt holdings. In addition, the Association of German Banks yesterday revealed the country's 10 largest lenders may need about €105bn in fresh capital. It has driven the Dow Jones 0.82% lower after an hour of trading to 10,362. The broader S&P 500 is 0.92% down, while the tech-heavy Nasdaq has dipped 0.7%. JPMorgan Chase and Citigroup are among the early losses, down 2.13% and 1.67% respectively. Euro...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
