European Banks Fall on Italy Concerns, Weighing on EUFN ETF

By Adam Clark

European financial stocks fell on Friday due to the prospect of a clash between Italy's antiestablishment government and the European Union over budget deficit targets, pulling down the share price of exchange-traded fund iShares MSCI Europe Financials ETF (EUFN).

--EUFN, which invests in European banks and insurers, has Banco Santander SA (SAN.MC), BNP Paribas SA (BNP.FR), Lloyds Banking Group PLC (LLOY.LN), and ING Groep NV (INGA.AE) among its most heavily-weighted holdings, all of which were down by more than 3% on Friday afternoon.

--BNP Paribas was the steepest faller among EUFN's holdings, down 4.1% in afternoon trading in Paris to EUR52.24, from its closing price on Thursday of EUR54.47. The fund's largest holding, HSBC, was among its better performers, trading down 1.3% with less exposure to Europe.

--EUFN holdings Santander, BNP Paribas, ING, and Lloyds are all among the top 10 falling stocks of the week on the Stoxx Europe 50.

--According to issuer Blackrock, EUFN has $1.29 billion in assets, split among 80 holdings. The four falling banks form 14.8% of the fund's total holdings.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

September 28, 2018 11:01 ET (15:01 GMT)

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