- With the Brazil real falling so much that the nation's central bank steps in to try and stabilize the currency, it's no wonder Brazil's banks are posting the biggest losses among financial stocks.
- Banco Bradesco (NYSE:BBD) -4.7%, Itau Unibanco Holding (ITUB) -4.4%, and Banco Santander (MC:SAN) Brasil (NYSE:BSBR) -4.2%.
- And as Argentina's central bank boosts its benchmark interest rates by 15 basis points to 60% in its attempt to steady the Argentine peso, Banco Bilbao Vizcaya Argentina (NYSE:BBVA) slumps 2.7%.
- Big international banks, too, are sliding amid worries about emerging markets and an all-out trade war with China. Germany's Deutsche Bank (NYSE:DB) sinks 2.5%, Spain's Banco Santander (NYSE:SAN) slips 2.4%, and U.K.'s Barclays (LON:BARC) loses 1.8%.
- U.S. banks also slip, though not as quickly as in other parts of the world: Citigroup (C -1.5%), Goldman Sachs (GS -1.1%), Morgan Stanley (MS -1.3%).
- Canada's Toronto-Dominion Bank (TD -1.1%) after Q3 results, mostly boosted by strong U.S. performance, didn't do as well as its Canadian peers. The decline for other Canadian banks isn't as steep: Canadian Imperial Bank of Commerce (CM -0.7%), Bank of Nova Scotia (BNS -0.8%), Bank of Montreal (BMO -0.5%), and Royal Bank of Canada (RY -0.5%).
- U.S. regionals also on the downward slope: Bank OZK (OZK -1.6%), PNC Financial (PNC -1.4%), and SunTrust Banks (STI -1.1%).
- Previously: Another emerging market moves to shore up its currency--this time, Brazil (Aug. 30)
- Previously: Argentina hikes rates again after peso plummets (Aug. 30)
- Now read: Citigroup Earnings: Not That Much To Celebrate
Original article