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european bank shares decline amid trump tariff announcement and downgrades
European bank shares declined following President Trump's announcement of 25% import tariffs on vehicles and auto parts, with the banking sector down 1.3%. UBS fell 3.8% after a downgrade by BofA, which cited regulatory uncertainties and potential capital requirements of $20-$25 billion. Other banks like Deutsche Bank and Commerzbank also experienced losses, while Handelsbanken dropped 11.7% as it traded ex-dividend. Despite the downturn, banks have seen a 27% increase year to date.
european bank shares decline amid trump tariff announcement and downgrades
European bank shares declined following President Trump's announcement of a 25% import tariff on vehicles and auto parts. UBS fell nearly 5% after a downgrade by BofA, which cited regulatory uncertainties and potential capital requirements of up to $25 billion. Other banks like Deutsche Bank and Societe Generale also experienced losses, while the sector remains up 27% for the year.
european bank shares decline amid trump's proposed tariffs on vehicles
European bank shares fell sharply following President Trump's announcement of 25% tariffs on foreign-made vehicles and auto parts. UBS led the decline with a 3.8% drop after a downgrade by BofA, while other banks like Deutsche Bank and Société Générale also experienced losses. Despite this setback, the banking sector has seen a 27% rise since the start of the year.
Nordea shareholders overwhelmingly rejected a proposal to halt fossil fuel lending, with 95.36% voting against it. The bank has provided $641 million in loans to upstream oil and gas companies over two years, despite being part of the Net-Zero Banking Alliance. Critics highlighted Nordea's financing of the controversial East African Crude Oil Pipeline and called for a shift away from fossil fuel investments, but the bank's leadership emphasized the need to support Norway's oil and gas economy.
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