Eurozone Bank Shares Hit for Second Day

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Eurozone financials stocks are falling for a second day, with investors reflecting concerns about profitability among the bloc’s big lenders, the Financial Times reported. Spanish banks are taking the brunt of the sell-off on Tuesday morning, with Banco de Sabadell shedding nearly 4 per cent, Bankia off 3 per cent, and CaixaBank down 2 per cent. But prices are sliding on banks across the single market, with BPER Banca, UBI Banca and Banco BPM down 2 per cent in Milan, and Deutsche Bank and Commerzbank losing 2 per cent in Frankfurt. Société Générale and BNP Paribas are 1 per cent lower in Paris. The broad-based fall is reminiscent of the volatility which hit financial stocks during July’s sell-off in Italian government bonds, which tested investor nerves about the future of the single market. Read more. (Subscription required.)