European financials hit by declining confidence

In the UK, five-year senior credit default swap (CDS) spreads referencing HSBC widened to an all time high of 172.5 basis points at 3:00pm London time from 159.3bp at the close of New York trading yesterday, ahead of its £12.5 billion rights issue.

CDS spreads on Abbey National widened to 159.7bp from 145bp, while CDSs referencing HBOS moved out to 221.2bp from 205bp, according to data from credit information specialist CMA Datavision.

Elsewhere, the cost of protection on Germany's Commerzbank

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