Market Update

Financials Lead European Stocks Lower

Sep 12, 2011

Stocks in Europe were trading lower early Monday, with bank stocks being hit hard by the ongoing concerns over sovereign debt risks in the region.

At the time of writing, Britain's FTSE was trading 2.2% lower, while France's CAC and Germany's DAX fell 3.9% and 3.1% each.

Bank stocks were trading sharply lower: BNP Paribas, Credit Agricole, Deutsche Bank and Societe Generale tumbled between 7.5% and 10%. The U.K. Independent Commission on Banking issued a report on Monday outlining steps to reform the banking sector.

Miners BHP Billiton, Rio Tinto, Xstrata and Anglo American were off between 3% and 4%.

Shares in Infineon Technologies were down 1%, falling less than the benchmark indexes, after UBS upgraded the stock to 'buy'.

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