Barclays led U.K. banking stocks lower on Tuesday, after the London-listed lender posted a sharp fall in third-quarter profits and warned that a strategic review would lead to large cost cuts.
Barclays BARC, -6.11% shares lost more than 5% as investors were particularly concerned by news that net interest margins — the difference between the rate paid to customers for their deposits and the interest received on loans — were forecast to be in a range of 3.05% to 3.10% this year, down from the previous 3.15% to 3.2%.
The struggling U.K. financial sector left London’s FTSE 100 UK:UKX underperforming on Tuesday with a 0.1% loss, while Frankfurt’s DAX DX:DAX gained 0.2% and the CAC 40 FR:PX1 in Paris added 0.5%, the latter benefiting from gains in luxury groups after Hermes RMS, +2.57% reported better-than-expected results.
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