RobertB
February 13th, 2008, 03:33 PM
Financials, Inflation Weigh On Europe
Vidya Ram, 02.13.08, 8:25 AM ET
LONDON - Financial services companies and banks were once again the bane of the European stock market on Wednesday, after larger write-downs by British mortgage lender Bradford & Bingley triggered a tumble in the sector.
Bradford & Bingley (other-otc: BDBYF - news - people ) plummeted by 11.5%, in morning trading in London, after it announced £94.4 million ($185.4 million) in write-downs owing to a fall in the value of its investments in collateralized debt obligations and structured investment vehicles, which have been severely impacted by the crisis in the U.S. subprime mortgage market.
"Disappointing results from Bradford & Bingley [are] not helping the market with the whole banking sector down," said Keith Bowman, equity analyst at Hargreaves Lansdown.
http://www.forbes.com/home/markets/2008/02/13/european-wrap-financials-markets-equity-cx_vr_0213markets08.html
Vidya Ram, 02.13.08, 8:25 AM ET
LONDON - Financial services companies and banks were once again the bane of the European stock market on Wednesday, after larger write-downs by British mortgage lender Bradford & Bingley triggered a tumble in the sector.
Bradford & Bingley (other-otc: BDBYF - news - people ) plummeted by 11.5%, in morning trading in London, after it announced £94.4 million ($185.4 million) in write-downs owing to a fall in the value of its investments in collateralized debt obligations and structured investment vehicles, which have been severely impacted by the crisis in the U.S. subprime mortgage market.
"Disappointing results from Bradford & Bingley [are] not helping the market with the whole banking sector down," said Keith Bowman, equity analyst at Hargreaves Lansdown.
http://www.forbes.com/home/markets/2008/02/13/european-wrap-financials-markets-equity-cx_vr_0213markets08.html