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Market Update

Europe Stocks Open Weak; Germany Falls on Insurers

Mar 14, 2011

Stocks in Europe fell early Monday, as sentiment over equities remained cautious as the massive earthquake and tsunami that hit Japan Friday evolved into a nuclear threat.

At 1:45 p.m. (I.S.T.), Britain's FTSE and France's CAC declined 0.2% and 0.4%, respectively. Germany's DAX dropped 1.5% led by reinsurance companies that fell on news of the Japanese disaster.

Stocks were trading with a negative bias globally after the Japanese disaster kept worsening as nuclear plants, hit by the worst earthquake in several hundred years, stood at the risk of a meltdown. The Japanese Nikkei fell over 5% on fears the quake may greatly add to the woes of the debt-saddled economy.

Insurance stocks fell the most across the region with Aviva and Aegon NV falling 1.2% and 1.6%, respectively, while Allianz, Hannover Re and Munich Re lost 3% to 5%.

Financials were mixed: Barclays and Deutsche Bank were off 0.7% each while BNP Paribas and Credit Agricole gained 0.8% and 1.4%, respectively.

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