Europe’s bank stress test results due today
23 Jul 2010
In a few hours Europe's bank stress test results will be out revealing to a concerned investor community around the world which of its banks would fail under certain market conditions and which would survive.
The results are not due until 1600 GMT, after the market's close.
The American markets would be in play, however.
Ahead of the tests the German government has reiterated that the tests will reassure markets about the solvency of the European banking system. ''We are confident that the expectations that we tied to the objective of the stress tests will be fulfilled and confidence and calm will return to the markets,'' finance ministry spokesman Michael Offer told reporters today in Berlin.
Ahead of the tests Britain's top share index, the FTSE, edged lower in midday trade on Friday, as bank counters took a hit. By 1102 GMT, the FTSE 100 was off 5.22 points, or 0.1 per cent, at 5,308.59, falling back slightly after it closed up 99.17 points, or 1.9 per cent, on Thursday at 5,313.81.
Standard Chartered and HSBC were the worst off, shedding 1.9 per cent and 1.3 per cent respectively, with Standard Chartered hit by a downgrade in rating by UBS.