Banks fall around the world (CBS.MarketWatch.com)
by Greg Morcroft, Last Update: 11:00 AM ET Oct. 4, 2002
NEW YORK (CBS.MW) - Nervous investors drove down U.S. bank stocks Friday, mirroring sector declines earlier in European and Asian markets.
The Philadelphia Bank Sector Index ($BKX: news, chart, profile) dipped 0.9 percent, after tumbling 5.3 percent Thursday.
The Amex Securities Broker/Dealer Index ($XBD: news, chart, profile) dipped a modes 0.4 percent.
European banks tumbled Friday after CS Group (DE:876800: news, chart, profile) fell another 9.8 per cent after suffering a sharp slide on Thursday following a profit warning. The stock was also hit by news that a US congressional committee had said its CSFB investment banking arm had offered privileged access to IPOs to former executives of WorldCom.
In Asia, banks fell, pressured amid ongoing concerns over their business outlook. Japanese banks are laboring under an estimated $430 billion in problematic or non-performing loans. Analysts said investors are waiting to see how the government will handle the banks' bad loan issues without increasing deflation pressure.
U.S. bankers and investors are also closely eying Sunday's Brazilian presidential election. The frontrunner, the leftist candidate Luiz Inacio Lula da Silva, has threatened to default on Brazil's massive $360 billion of foreign debt.
[Citi holds $11B in vulnerable Brazil debt, JPM holds $3B]
Citigroup (C: news, chart, profile) shares dipped 21 cents, or 0.7 percent to $28.30, while J.P. Morgan (JPM: news, chart, profile) fell 60 cents, or 2.5 percent to $17.02, the latest in a slew of recent 52-week lows.
FleetBoston (FBF: news, chart, profile) shares fell 35 cents, or 1.8 percent to $18.60.
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p.s. SIAdmin informs me of suspension until Oct 24th (3 weeks)
I told them "Oh God, my life is over"
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