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Sept. 21, 2020, 11:52 a.m. EDT

European bank stocks including Deutsche Bank’s slide after money-laundering allegations

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By Steve Goldstein

Shares of Europe’s top banks dropped on Monday, after the publication of reports alleging they kept doing business with customers they suspected of money laundering and other wrongdoing.

The report, led by BuzzFeed News and including other media outlets around the world, was on the basis of what are called suspicious activity reports filed by the banks to the U.S. Treasury, that had been gathered for Congressional investigators to look at President Donald Trump’s 2016 campaign. The banks by law aren’t allowed to comment on the SARs they file.

Deutsche Bank /zigman2/quotes/207242873/delayed XE:DBK +1.88% , Standard Chartered /zigman2/quotes/200125072/delayed UK:STAN +0.53% , Barclays /zigman2/quotes/208409333/delayed UK:BARC +0.93% , Commerzbank /zigman2/quotes/207286669/delayed XE:CBK +3.16% , Danske Bank /zigman2/quotes/209678580/delayed DK:DANSKE +1.68% and HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA -0.23% were all named in the report, as were several U.S. banks. Deutsche Bank shares fell 9% after it accounted for a majority of the suspicious activity reports in the BuzzFeed trove, and allegedly, Bank of America appealed to Deutsche Bank’s chairman at the time to take action.

HSBC closed at its lowest level since Oct. 5, 1998.

The broader Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP -0.35% fell 3.2%, and the major regional indexes were slammed too. The German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.92% fell 4.4%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.27% fell 3.7% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.08% lost 3.4%.

U.S. stocks /zigman2/quotes/210599714/realtime SPX +0.47% opened lower as well.

The death of Supreme Court associate justice Ruth Bader Ginsburg may have market implications, as what is expected to be a hotly contested nomination battle for her replacement could further roil Washington, D.C., which has yet to agree on a new stimulus package or funding beyond the end of September.

“The fight between the President and Congressional Democrats on whether to fill the vacant seat now or wait until after the election is expected to lead to more delays in reaching a middle ground on a new fiscal package. Hence, we would expect that the much-needed stimulus will be pushed back until after the U.S. elections,” said Hussein Sayed, chief market strategist at FXTM.

Travel stocks in Europe were pressured on worries over the region locking down in response to a new wave of coronavirus cases. U.K. Prime Minister Boris Johnson will address the House of Commons on Tuesday to discuss COVID-19. British Airways owner International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG +6.85% tumbled to an eight-year low, and Ryanair Holdings /zigman2/quotes/202851567/delayed UK:RYA +1.27% also fell sharply

Food delivery service Just Eat Takeaway /zigman2/quotes/201653805/delayed NL:TKWY -1.93% , and mealkit preparation firm HelloFresh /zigman2/quotes/203376622/delayed XE:HFG -5.68% , gained on the lockdown speculation.

Shares of engine maker Rolls Royce /zigman2/quotes/203646520/delayed UK:RR +3.18% dropped 11%, after saying it was considering raising up to £2.5 billion in new equity capital.

United Internet /zigman2/quotes/207312388/delayed XE:UTDI -1.19% shares tumbled 24%, after Telefónica Deutschland /zigman2/quotes/206278119/delayed XE:O2D +1.49% said in negotiations that it would hike wholesale costs. United Internet said it has appealed to the European Commission over the matter.

/zigman2/quotes/207242873/delayed
XE : Germany: Xetra
8.15
+0.15 +1.88%
Volume: 12.66M
Oct. 20, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
€16.45 billion
Rev. per Employee
€417,912
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/zigman2/quotes/200125072/delayed
UK : U.K.: London
380.60 p
+2.00 +0.53%
Volume: 3.52M
Oct. 20, 2020 4:35p
P/E Ratio
10.83
Dividend Yield
0.00%
Market Cap
£11.92 billion
Rev. per Employee
N/A
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/zigman2/quotes/208409333/delayed
UK : U.K.: London
104.32 p
+0.96 +0.93%
Volume: 27.94M
Oct. 20, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£17.92 billion
Rev. per Employee
N/A
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/zigman2/quotes/207286669/delayed
XE : Germany: Xetra
4.54
+0.14 +3.16%
Volume: 6.94M
Oct. 20, 2020 6:30p
P/E Ratio
31.79
Dividend Yield
0.00%
Market Cap
€5.52 billion
Rev. per Employee
€166,016
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/zigman2/quotes/209678580/delayed
DK : Denmark: OMX
kr. 94.48
+1.56 +1.68%
Volume: 2.83M
Oct. 20, 2020 4:59p
P/E Ratio
9.62
Dividend Yield
0.00%
Market Cap
kr.79.22 billion
Rev. per Employee
kr.4.43M
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/zigman2/quotes/203901799/delayed
UK : U.K.: London
308.55 p
-0.70 -0.23%
Volume: 15.68M
Oct. 20, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
£62.99 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599654/delayed
XX : STOXX
365.51
-1.30 -0.35%
Volume: 0.00
Oct. 20, 2020 11:03p
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/zigman2/quotes/210597999/delayed
DAX
DX : Xetra Indices
12,736.95
-117.71 -0.92%
Volume: 61,466
Oct. 20, 2020 6:30p
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/zigman2/quotes/210597958/delayed
FR : France: Euronext Paris
4,929.28
-13.34 -0.27%
Volume: 89,484
Oct. 20, 2020 6:17p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
5,889.22
+4.57 +0.08%
Volume: 561,864
Oct. 20, 2020 4:58p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,443.12
+16.20 +0.47%
Volume: 2.11B
Oct. 20, 2020 5:08p
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/zigman2/quotes/208070069/delayed
UK : U.K.: London
106.85 p
+6.85 +6.85%
Volume: 54.15M
Oct. 20, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
10.01%
Market Cap
£4.97 billion
Rev. per Employee
N/A
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/zigman2/quotes/202851567/delayed
UK : U.K.: London
12.40
+0.16 +1.27%
Volume: 975,553
Oct. 20, 2020 4:35p
P/E Ratio
70.45
Dividend Yield
N/A
Market Cap
€13.70 billion
Rev. per Employee
N/A
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/zigman2/quotes/201653805/delayed
NL : Netherlands: Euronext Amsterdam
106.75
-2.10 -1.93%
Volume: 636,668
Oct. 20, 2020 5:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€16.19 billion
Rev. per Employee
€86,944
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/zigman2/quotes/203376622/delayed
XE : Germany: Xetra
52.35
-3.15 -5.68%
Volume: 1.20M
Oct. 20, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
€9.63 billion
Rev. per Employee
€299,158
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/zigman2/quotes/203646520/delayed
UK : U.K.: London
227.00 p
+7.00 +3.18%
Volume: 13.05M
Oct. 20, 2020 4:35p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
£4.25 billion
Rev. per Employee
N/A
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/zigman2/quotes/207312388/delayed
XE : Germany: Xetra
32.40
-0.39 -1.19%
Volume: 183,889
Oct. 20, 2020 6:30p
P/E Ratio
13.78
Dividend Yield
1.54%
Market Cap
€6.14 billion
Rev. per Employee
€532,607
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/zigman2/quotes/206278119/delayed
XE : Germany: Xetra
2.25
+0.03 +1.49%
Volume: 5.59M
Oct. 20, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
7.56%
Market Cap
€6.59 billion
Rev. per Employee
€825,440
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