Business World

Thursday 24 August 2017

European shares hit new one-month low, HSBC dips

European shares
European shares

European shares fell on Tuesday to extend a recent losing streak, tracking a drop in U.S. stocks, with HSBC slightly lower after announcing a drastic restructuring plan.

The pan-European FTSEurofirst 300 index was down 0.4 percent at 1,522.18 points by 0706 GMT, tracking a fall on Wall Street as investors speculated that the Federal Reserve may raise rates as soon as September.

The FTSEurofirst 300 fell to a new 1-month low, dropping for the sixth straight session.

HSBC dipped 0.5 percent after it said it would cut almost 50,000 jobs from its payroll, take an axe to its investment bank and shrink its risk weighted assets by $290 billion in an effort to improve its sluggish performance.

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