The Europe Financials ETF market, which is valued at 7 billion EUR and comprises 21 ETFs, faced a bearish day on June 22, 2023. The overall market performance was negative with a 1.54% dip. This market movement was reflected by four prominent ETFs – Lyxor EURO STOXX Banks (DR) UCITS ETF (BNKE), iShares STOXX Europe 600 Insurance UCITS ETF (DE) (EXH5), iShares MSCI Europe Financials Sector UCITS ETF (ESIF), and iShares EURO STOXX Banks 30-15 UCITS ETF (DE) (EXX1).
The downtrend in these ETFs was further driven by the underperformance of some blue-chip companies. ING Groep Ord (INGA) faced a 2.33% daily return and a negative return of 1.72% over one week. BNP Paribas Ord (BNP) and Societe Generale Ord (GLE) were the next two companies to take a hit, with -2.31% and -2.24% daily returns respectively and losses over one week. This market movement certainly raises concerns for investors as to how the Europe Financials ETF market will perform over the coming days.
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