Market Update

European Shares Seesaw, Fall Again

Aug 9, 2011

Shares in Europe swung wildly in early trade, flirting with either sides of the flat line, before a fresh bout of selling led indexes sharply lower.

At the time of writing, Britain's FTSE fell 3.3%, France's CAC dropped 2.5% while Germany's DAX was trading 4.6% off.

Equities seesawed early in the region, mirroring similar volatile swings in Asian stocks and in U.S. futures, but losses accelerated later with financials and resource stocks bearing the brunt of maximum selling.

Barclays, Deutsche Bank, HSBC Holdings and Royal Bank of Scotland plummeted between 5.7% and 9.3%. Oil firms BP, BG Group and Royal Dutch Shell erased 4% to 5.2%, tracking losses in crude prices.

German utility major RWE AG plunged 6.6% following its quarterly earnings.

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