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Market Update

European Stocks Fall; Philips Gains

Jul 18, 2011

Shares in Europe were trading lower early Monday, with last week's stress-test results weighing on banks.

At the time of writing, Britain's FTSE was trading 0.9% lower, while France's CAC and Germany's DAX was trading 1.4% off each.

On Friday, the European Central Bank published the results of the so-called "stress tests" carried out on financial institutions that tested the lenders for a simulated financial crisis. The results showed eight banks would not be able to survive in case of a financial shock, which was in line with market expectations, but shares of those that were also shown to have been stretched took a beating.

Barclays, BNP Paribas, Deutsche Bank, Royal Bank of Scotland and Societe Generale fell between 3.1% and 3.8% while Asia-focused HSBC Holdings and Standard Chartered declined only about 0.4% each.

Shares in Philips gained 2% after declaring its quarterly earnings, while in other heavyweights Siemens lost 1.7% while SAP fell 1.8%.

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