European stocks fall amid coronavirus fears, banking sector in the red

European stocks fall amid coronavirus fears, banking sector in the red

European stocks fall amid coronavirus fears, banking sector in the red

(Reuters) – European stocks are plummeting on Monday amid fears of a spike in coronavirus cases across the continent and declines in HSBC and Standard Chartered (LON: STAN) stocks amid money laundering allegations.

The pan-European STOXX 600 Index fell 2.2% to 12.18 Moscow time, while the UK's FTSE 100 lost almost 3%.

HSBC was down more than 5% and Standard Chartered lost 4.7% after media reports that they and other banks have been transferring large amounts of allegedly illegal funds for nearly two decades despite warnings about the origin of the money.

The European banking sector, already hit hard by the pandemic, fell 4.7%.

Rolls-Royce (LON: RR) Holdings sank about 9% after the company said it was going to raise up to £ 2.5 billion ($ 3.2 billion) in an attempt to bolster its balance sheet.

(Shruti Shankar in Bangalore. Translated by Olga Vishnevskaya. Editor Anna Kozlova)

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