European stocks inch higher, banks slide after HSBC warning – Gulf Today

European stocks inch higher, banks slide after HSBC warning – Gulf Today

Coffee prices seen rising slightly by end-2020 despite higher surplus

However, the gains were capped as U.S. lawmkers were divided over another coronavirus stimulus package, while worries remained about a further tightening of restrictions in Europe as COVID-19 cases rose.

Banking stocks took a hit as HSBC dropped 4.4% after its half-yearly profits more than halved and the lender warned its bad debt charges could blow past a previous estimate to $13 billion this year.

France's Societe Generale also declined 2.3% as it reported a 1.26 billion euro ($1.48 billion) second-quarter loss after booking a writedown on the value of its trading business.

Siemens Healthineers was down 4.8% after the German health group said it was buying U.S. firm Varian Medical Systems for $16.4 billion. 

Reuters