European equities retreat as bank stocks tumble

Bank of England governor Andrew Bailey on Thursday after the UK central bank cut rates for the first time since 2020. Photograph: Andy Rain/EPA

Bank of Ireland and AIB, meanwhile, slid 6.1 per cent and 2.1 per cent to €9.83 per share and €5.19 respectively. But Rolls-Royce hit a record high after the aerospace and defence supplier beat expectations in the first half and raised its outlook for the full year.Europe’s main indices were all lower on the session with Stoxx 50 down 2.3 per cent while the pan-European Stoxx 600 slipped 1.3 per cent. Major national markets were also down, with Germany’s Dax and France’s Cac40 both 2.2 per cent weaker.

European markets were otherwise a sea of red with banks in particular trending lower as investors eye the prospect of further monetary policy easing in the near future. SocGen tumbled as the French lender’s domestic retail unit disappointed. Shares of Credit Agricole also declined despite upbeat results.

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