Market Update

European Stocks Fall on Debt Concerns

Oct 18, 2011

Stocks in Europe were trading lower early Tuesday, ahead of the weekend meeting of European leaders to discuss the region's debt crisis and amid concerns robust steps may not be taken.

At the time of writing, Britain's FTSE, France's CAC and Germany's DAX were trading between 1.4% and 2% lower.

Banks were the leading losers but automakers, miners and oil stocks fell too in a broad-based decline. Barclays, BNP Paribas and Credit Agricole were off 2.8% to 5.5%. Earnings announcements from Citigroup and Wells Fargo in the United States Monday, where both banks said revenue fell, also weighed.

Automakers BMW, Volkswagen and Renault fell about 2% each.

In news-driven movers, shares in Groupe Danone rose 1.7% after the firm posted its quarterly earnings.

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