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FTSE 100 Extends Declines As Banks Tumble
(RTTNews) - U.K. stocks tumbled on Monday after HSBC said it acquired the U.K. subsidiary of Silicon Valley Bank for 1 British pound to ensure the continuity of banking services, minimize disruption to the U.K. technology sector and to maintain the confidence in the financial system.
The benchmark FTSE 100 was down 123 points, or 1.6 percent, at 7,612 after losing 1.7 percent on Friday.
HSBC Holding shares fell nearly 3 percent, while Barclays, NatWest, Lloyds Banking and Standard Chartered were down 2-4 percent.
Ricardo, an engineering and environmental consultancy, gained about 1 percent after it acquired 90 percent of the Australian water advisor, Aither Pty Ltd., for 17 million pounds in cash from its founders and co-directors Chris Olszak and Will Fargher.
Insurance firm Phoenix Group lost 3 percent after widening its FY pre-tax loss.
European Markets Close Higher
CPSC Recalls: 3.8 Mln Dumbbells, 1.7 Mln Air Conditioners, Golf Cars, CO Detectors, Casters, E-Bikes
TSX Pares Some Gains After Hitting Fresh Record High
U.S. Job Growth Slightly Exceeds Estimates In May
U.S. Employment Jumps Slightly More Than Expected In May
Bay Street May Open Slightly Higher; U.S., Canadian Jobs Data In Focus
Eurozone GDP Growth Accelerates To 0.6%
