November 30, 2011 / 6:11 AM / 8 years ago

European shares to fall as S&P downgrades banks

LONDON, Nov 30 (Reuters) - European shares are set to snap a three-session winning streak on Wednesday, with financial stocks seen coming under pressure following Standard & Poor’s move to cut its credit ratings on 15 big banks, mostly in Europe and the United States.

Barclays, HSBC Holdings, UBS, JPMorgan Chase & Co, Bank of America, Citigroup , Wells Fargo & Co, Goldman Sachs Group and Morgan Stanley were among the banks that had their ratings reduced by one notch each.

Financial spreadbetters predicted Britain’s FTSE 100 to open 44 to 49 points lower, or as much as 0.9 percent, Germany’s DAX to fall around 35 points, or 0.6 percent, and France’s CAC-40 to open 26 to 27 points lower, or about 0.9 percent.

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