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Financials Down As European Bank Earnings Remain Weak -- Financials Roundup

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07/30/2020 | 04:05pm EDT

Shares of banks and other lenders and money managers fell as European bank earnings continued to come in weak.

Lloyds Banking Group shares fell after the largest British retail bank posted a pretax loss for the first half of 2020, blindsiding analysts who follow its fortunes. Asia-focused British bank Standard Chartered said second-quarter pretax underlying profit fell 40%, as credit impairments continued to surge amid the prolonged pandemic.

Shares of Swiss banking giant Credit Suisse Group fell after it posted second-quarter operating earnings shy of some investors' expectations, and said it would create a global investment bank.

Mastercard shares were flat after the U.S. credit-card processor's second-quarter revenue plunged, as anticipated.

Intercontinental Exchange shares were flat after the parent of the New York Stock Exchange said its profit and sales rose for the second quarter, lifted by the flurry of trading activity during the pandemic-inspired stock-market selloff and recovery.

 Write to Rob Curran at rob.curran@dowjones.com 

Stocks mentioned in the article
ChangeLast1st jan.
CREDIT SUISSE GROUP AG -0.61% 9.192 Delayed Quote.-29.46%
INTERCONTINENTAL EXCHANGE, INC. 0.89% 100.05 Delayed Quote.8.10%
LLOYDS BANKING GROUP PLC -0.06% 26.3306 Delayed Quote.-57.83%
MASTERCARD 0.58% 338.17 Delayed Quote.13.26%
STANDARD CHARTERED PLC -0.11% 356.2 Delayed Quote.-50.01%
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