"Given the margin-crushing powers of zero-interest-rate and Quantitative Easing policies, it is no wonder bank shares are performing terribly," Russ Mould, investment director at AJ Bell wrote in a note.
However, investors were unsettled by the lack of new stimulus measures, and Fed Chair Jerome Powell said an economic recovery is expected to slow, requiring continued support from further government spending. Among the bright spots, Delivery Hero rose 2.4 per cent after the food delivery group said it would buy the Latin American operations of Glovo for up to 230 million euros. It also launched operations in Japan.
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