Market Update

European Stocks Fall on Automakers

May 3, 2011

Shares in Europe were trading lower early Tuesday, with automakers leading the decliners, amid earnings news.

At 1:15 p.m (I.S.T.), Britain's FTSE was trading flat while France's CAC and Germany's DAX were off 0.5% and 0.6%, respectively.

Automakers BMW, Volkswagen, Renault and Daimler were off 1.9% to 2.7%. Financials were also trading broadly lower: Barclays, Credit Agricole, Deutsche Bank and Societe Generale lost between 0.2% and 1.2%.

Shares in Infineon Technologies gained 0.4% after the firm declared its quarterly earnings.

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