No Need for Concern on Europe Banks: EC’s Dombrovskis

European Commission Vice-President Valdis Dombrovskis has moved to reassure jittery investors, claiming Thursday that there was no need to be particularly concerned about the volatility seen in recent weeks in the European banking sector.

European banks have lost about a quarter of their market value since the start of the year and are looking badly bruised as concern over provisions for bad debts and the banks’ exposure to the energy sector loans grows.

Chief executives have been trying hard to reassure investors that there is nothing to fear. Shares in other sectors, such as those in the energy sector and those exposed to China, have sold off globally as falling oil prices and slowing growth in China conspired to make the start of 2016 the worst on record on Wall Street.

CNBC

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam