Are Banks Still Finding Business Environment Tough?
European equities hovered near a three-week low as a rebound in banks amid positive earnings was offset by a slide in automakers. Societe Generale SA climbed 3.2 percent and Credit Agricole SA gained 2.7 percent after reporting a jump in quarterly profit, boosted by the sale of stakes the French banks had in Visa Europe Ltd. ING Groep NV advanced 4.3 percent as the biggest Dutch lender said second-quarter profit more than tripled. HSBC Holdings Plc rose 3.8 percent after announcing it will buy back $2.5 billion of its own shares. The Stoxx Europe 600 Index slipped 0.1 percent at 8:21 a.m. in London after dropping 1.9 percent in the past two days, the most in almost a month. Investec Wealth & Investment Head of Fixed Income Darren Ruane discusses with "On the Move" hosts Manus Cranny in London and Caroline Hyde in Berlin.