No place to hide

25 May 2010 By George Hay Follow @gfhay

The region’s top banks are down sharply, while the cost of insuring their debt has spiked. But UK banks led the plunge. That’s despite apparently lower sovereign exposure and recapitalised, stresstested balance sheets. Still, there is a logical explanation for their pain.

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Lloyds Banking Group shares fell almost 10 percent on May 25. They closed around nine percent lower.

Barclays fell 5.2 percent to 285.2 pence, while Royal Bank of Scotland fell 5 percent to 43.1 pence. Both had at one point been down 7 percent.

Elsewhere, Unicredit fell 7.2 percent o 1.6 euros. Santander was down 4.4 percent to 8.1 euros, Credit Agricole fell 6.5 percent to 8.8 euros, and SocGen fell 6.2 percent to 33.1 euros. All were down 7 percent at various points during the day.

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