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MTECHTIPS:-European stocks decline on Spain, Greece concerns; Dax down 0.46%
European stocks declined on Monday, as concerns over financial troubles in Spain and Greece continued to dampen market sentiment, while trade was expected to remain light with markets in the U.S. closed as a result of Hurricane Sandy.During European morning trade, the EURO STOXX 50 retreated 0.69%, France’s CAC 40 tumbled 0.86%, while Germany’s DAX 30 dropped 0.46%. Markets were jittery amid ongoing uncertainty over whether Spain is preparing to request a bailout from its euro zone partners, which would activate a bond buying program by the European Central Bank. Meanwhile, doubts over whether Greece can meet austerity targets demanded by the troika mounted after the country’s opposition leaders said his party would vote against an austerity package expected to go before parliament later this week.Trading activity was expected to remain thin on Monday, as a result of the first unscheduled, market-wide shut down since September 2001, as Hurricane Sandy approached the northeastern U.S.Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale retreated 0.41% and 0.81%, while Germany's Deutsche Bank and Commerzbank fell 0.09% and 0.27% respectively.
European stocks declined on Monday, as concerns over financial troubles in Spain and Greece continued to dampen market sentiment, while trade was expected to remain light with markets in the U.S. closed as a result of Hurricane Sandy.During European morning trade, the EURO STOXX 50 retreated 0.69%, France’s CAC 40 tumbled 0.86%, while Germany’s DAX 30 dropped 0.46%. Markets were jittery amid ongoing uncertainty over whether Spain is preparing to request a bailout from its euro zone partners, which would activate a bond buying program by the European Central Bank. Meanwhile, doubts over whether Greece can meet austerity targets demanded by the troika mounted after the country’s opposition leaders said his party would vote against an austerity package expected to go before parliament later this week.Trading activity was expected to remain thin on Monday, as a result of the first unscheduled, market-wide shut down since September 2001, as Hurricane Sandy approached the northeastern U.S.Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale retreated 0.41% and 0.81%, while Germany's Deutsche Bank and Commerzbank fell 0.09% and 0.27% respectively.
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