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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Standard Chartered PLC    STAN   GB0004082847

STANDARD CHARTERED PLC

(STAN)
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Stocks down on fresh lockdown worries, banking sell-off; dollar rises

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09/22/2020 | 12:19am EDT

* Asian shares extend losses for second consecutive day

* Banking sector sell-off continues on dirty money reports

* Fresh lockdown worries, stimulus delay spook investors

HONG KONG/NEW YORK, Sept 22 (Reuters) - Asian shares extended losses for the second day on Tuesday while the dollar rose, as possible delays in expanded U.S. stimulus and concerns about fresh pandemic lockdowns in Europe knocked investor sentiment.

Hong Kong shares of HSBC and Standard Chartered fell more than 2% each, as global banking stocks remained under intense pressure on reports about financial institutions allegedly moving illicit funds.

British lenders HSBC and StanChart were among global lenders named as having transferred more than $2 trillion in suspect funds over nearly two decades.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5%.

Australia's S&P/ASX 200 dropped 0.7% pressured by miners and energy stocks, while China's blue-chip index shed 0.1% and Hong Kong's Hang Seng index was down 0.5%. Japanese markets were closed for a public holiday.

After-hours trade pointed to further selling pressure on Wall Street on Tuesday, with S&P 500 futures down 0.2% in early Asia and Nasdaq 100 futures off 0.4%.

"We can't see any positive news on the horizon in the near-term for the markets to rebound," said Steven Leung, executive director for institutional sales at Hong Kong brokerage UOB Kay Hian.

Overnight on Wall Street, the Dow Jones Industrial Average fell 1.84%, the S&P 500 lost 1.16%, and the Nasdaq Composite dropped 0.13%.

U.S. stocks have tumbled over the past three weeks as investors dumped heavyweight technology-related shares following a stunning rally that lifted the S&P 500 and the Nasdaq to new highs.

JPMorgan Chase & Co and Bank of New York Mellon Corp fell 3.1% and 4.0%, respectively, on Monday.

"The question is whether or not the residue of that impacts the performance of regional financials," said CommSec market analyst Tom Piotrowski in Sydney.

The coronavirus also remains front and centre of investor concerns.

New pandemic measures in the UK set off declines in airline, hotel and cruise companies in both European and U.S. markets, spurring fears about further restrictions.

The Telegraph newspaper reported Prime Minister Boris Johnson will encourage Britons on Tuesday to go back to working from home. Any fresh coronavirus restrictions would threaten a nascent recovery and further pressure equity markets.

Concerns are also growing about a delay in stimulus measures after the U.S. Congress has remained deadlocked for weeks over the size and shape of another coronavirus-response bill, on top of the roughly $3 trillion already enacted into law.

The death of U.S. Supreme Court Justice Ruth Bader Ginsburg appeared to make the passage of another stimulus package in Congress less likely before the Nov. 3 presidential election, sparking large declines in the healthcare sector.

U.S. President Donald Trump said he would put forward his nominee on Friday or Saturday and called upon the Senate, controlled by his fellow Republicans, to vote on confirmation ahead of the election.

The dollar held on to sharp gains made on Tuesday, with moves in Asia modest owing to a public holiday in Japan. The euro was steady at $1.1764 and the yen, which backed off a six-month high as the dollar gained, crept higher to 104.56 per dollar.

The Australian dollar slipped a fraction to $0.7218 after a senior central banker flagged the prospect of policy options including currency market intervention and negative interest rates to support the economy.

Gold fell against the rising dollar, and last traded at $1,908.76 per ounce.

In oil markets, U.S. crude rose 0.66% to $39.57 per barrel while Brent gained 0.31% to $41.95.

(Reporting by Suzanne Barlyn and Sumeet Chatterjee; Editing by Sam Holmes & Shri Navaratnam)


Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.01% 0.93958 Delayed Quote.3.22%
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) -0.16% 73.581 Delayed Quote.-2.32%
AUSTRALIAN DOLLAR / NEW ZEALAND DOLLAR (AUD/NZD) 0.03% 1.06185 Delayed Quote.1.89%
AUSTRALIAN DOLLAR / SWISS FRANC (AUD/CHF) 0.07% 0.64378 Delayed Quote.-4.51%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.30% 0.7046 Delayed Quote.1.53%
BANK OF NEW YORK MELLON CORPORATION (THE) -0.53% 34.04 Delayed Quote.-32.64%
BRITISH POUND / AUSTRALIAN DOLLAR (GBP/AUD) -0.15% 1.83687 Delayed Quote.-3.23%
BRITISH POUND / JAPANESE YEN (GBP/JPY) -0.23% 135.173 Delayed Quote.-5.49%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.23% 78.3 Delayed Quote.-5.28%
DJ INDUSTRIAL 0.30% 26661.33 Delayed Quote.-7.07%
EURO / AUSTRALIAN DOLLAR (EUR/AUD) -0.26% 1.65972 Delayed Quote.3.52%
EURO / JAPANESE YEN (EUR/JPY) -0.35% 122.116 Delayed Quote.1.09%
HANG SENG -0.43% 24606.54 Real-time Quote.-12.34%
HSBC HOLDINGS PLC 1.87% 325.5 Delayed Quote.-46.11%
JAPANESE YEN / SWISS FRANC (JPY/CHF) 0.21% 0.8739 Delayed Quote.-2.47%
JPMORGAN CHASE & CO. 0.13% 97.28 Delayed Quote.-30.65%
LONDON BRENT OIL -4.12% 37.68 Delayed Quote.-38.33%
NASDAQ 100 1.46% 11304.363266 Delayed Quote.32.82%
NASDAQ COMP. 1.06% 11137.039292 Delayed Quote.27.40%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) -0.13% 69.293 Delayed Quote.-4.13%
S&P 500 0.85% 3302.73 Delayed Quote.1.25%
S&P/ASX 200 -1.61% 5960.3 Real-time Quote.-9.47%
STANDARD CHARTERED PLC -6.61% 349.6 Delayed Quote.-47.54%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.12% 104.429 Delayed Quote.-3.82%
WTI -5.04% 36.075 Delayed Quote.-36.69%
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Financials (USD)
Sales 2020 15 058 M - -
Net income 2020 957 M - -
Net Debt 2020 - - -
P/E ratio 2020 16,7x
Yield 2020 2,11%
Capitalization 15 280 M 15 272 M -
Capi. / Sales 2020 1,01x
Capi. / Sales 2021 1,02x
Nbr of Employees 85 389
Free-Float 93,9%
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Number of Analysts 23
Average target price 6,14 $
Last Close Price 4,85 $
Spread / Highest target 78,5%
Spread / Average Target 26,6%
Spread / Lowest Target -28,2%
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William Thomas Winters Group Chief Executive Officer & Executive Director
Josť ViŮals Group Chairman
David Whiteing Group Chief Operating Officer
Andrew Nigel Halford Group Chief Financial Officer & Executive Director
Michael Gorriz Group Chief Information Officer
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