European stocks fell for the third session in a row on Monday, September 21, weighed by fears of a growing coronavirus infection on the continent and a fall in HSBC and Standard Chartered following reports alleging that the two British banks were involved in the transfer of illicit funds.<\/p>\n\n\n\n
The pan-European STOXX 600 index fell 1% in early trade, and Britain’s FTSE 100 index, rich in bank shares, fell 1.6%.<\/p>\n\n\n\n
HSBC, whose business is focused in Asia, plunged 3.2% to its lowest level in March and Standard Chartered fell by 2.9% after media reports that they had transferred large illegal sums over nearly 20 years despite alarm bells over the source of the money.<\/p>\n\n\n\n
Meanwhile, a report said that HSBC is a potential candidate for a “list of untrusted entities” targeting foreign companies that violate Chinese laws.<\/p>\n\n\n\n
The European banking sector index declined 2.2%, and the sector’s losses are around 40% this year.<\/p>\n\n\n\n
The entertainment and travel sector index fell 2.5% due to new restrictions to combat the Coronavirus in Spain and other European countries and news that British Prime Minister Boris Johnson is considering imposing a second comprehensive lockdown.<\/p>\n","protected":false},"excerpt":{"rendered":"
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