MARKET TALK: UK Bank Stocks Rise; Basel III In Focus

25th Jun 2010 09:16

0816 GMT [Dow Jones] Bank stocks lead the gains in London as speculation rises that the Basel Committee will present a modified version of Basel III at the G20 meeting, this weekend. Traders note reports that the document is likely to present watered down proposals. Commenting on the speculation, Evolution Securities says, "the authorities can try and impose as many new, more stringent regulations as they like, but if they are detrimental to the banking system and therefore the general economy, they will be delayed until such time as the banks can take the pain." Standard Chartered shares +2.4%, Royal Bank of Scotland (RBS.LN) is +2.1%, HSBC Holdings (HSBA.LN) is +1.9%. FTSE 350 banks index +1.3%. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 25, 2010 04:16 ET (08:16 GMT)