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Market Update

Europe Hits 3-Month Low; Insurers Fall on Japan Quake

Mar 11, 2011

Equities in Europe opened weak early Friday, with stocks of insurance companies falling the most after a powerful earthquake rocked Japan and adjoining regions.

At 2:00 p.m. (I.S.T.), Britain's FTSE, France's CAC and Germany's DAX fell 0.4% to 1%.

European stocks followed Asian stocks, which were trading lower due to negative global cues, including the Libyan political crisis, and fell sharply post the Japan earthquake. The Euronext 100, an index of top stocks in the region, fell to a 3-month low.

Re-insurers witnessed selling across Europe amid concerns costs arising out the disaster may hit some of them hard. Aviva, Prudential, Allianz, Aegon NV, ING Groep NV and RSA Insurance declined between 1% and 2%, while Munich Re and Hanover Re fell about 5% each.

Miners BHP Billiton, Anglo American and Kazakhmys were off about 1% each on weak metal prices.

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