Skip to Content
Market Update

European Stocks Lower; Banks Fall

Equities in Europe edged lower Tuesday, as worries over Greece's debt situation continued to weigh on sentiment.

At the time of writing, Britain's FTSE was trading 1.5% lower while France's CAC and Germany's DAX fell 1.9% each.

Bank stocks were broadly lower in early trade: Barclays, BNP Paribas, Deutsche Bank and Societe Generale were down between 4.5% and 5%. UBS outperformed banks and the wider market, falling 1% after it said it would manage to post a "modest quarterly profit" despite taking a $2.4-billion hit arising out of a recent rogue-trading incident.

Shares in Dexia SA tumbled 30% on continuing concerns over the financial-services firm's exposure to Greece debt and amid media reports that said it would split by 2011 end.

Tesco Plc rose 1.7% following a broker upgrade while Wolseley Plc fell 3.3% after declaring quarterly earnings.

Sponsor Center