Shares in European financials have dropped in late trading as the latest European Banking Authority stress tests said the industry must raise €115bn in capital by June 2012.
The tests were met with share price drops after German banks' shortfall was revealed to stand at €13.1bn. The tests also revealed capital shortfalls of €7.3bn at French banks, €15.4bn at Italian banks, and €26.2bn at Spanish institutions, including €13bn at Santander. Santander shares fell just 2% to €5.80, but falls were sharper elsewhere as comments from ECB president Mario Draghi also put stocks under pressure. BNP Paribas fell 5.7% to €31.11, Credit Agricole was down 4.34% at €4.61, Societe Generale fell 4.5% to €19.10 and Dexia was down 8.33% at €0.330. Commerzbank dropped 9.5...
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