Financials are getting buffeted once again, but none are getting slammed today like Barclays is. The UK firm is off about 28% on no obvious news. Reuters mentioned the end of the UK short-selling ban, but that doesn’t explain such a dramatic move, especially since the ban itself had little effect.
Reports in the UK cited general “fears” about the financials, which is kind of tautological
ITV: The UK is thrashing out proposals for another round of bank rescue measures, according to reports.
This saw Barclays shares tumble more than 24 per cent at one stage, while Royal Bank of Scotland – which is almost 60 per cent owned by the UK taxpayer – suffered declines of more than 16 per cent.