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European close: Shares end 7% lower
Mon, 01 Dec, 2008
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European close: Shares end 7% lower
Fri, 10 Oct 2008, 16:47:00
European shares closed down more than 7% following a global sell-off across all asset classes as investors worried about the risks of a global recession.<br /><br />Banks were once again leading the fallers, with<b> Credit Suisse</b>, <b>Deutsche Bank</b>, <b>Santander</b>, <b>Societe Generale</b>, <b>BNP Paribas</b> and <b>Credit Agricole</b> among the worst performing stocks. <br /><br />Insurance companies were also hit, with Dutch <b>ING Groep</b> and Germany's <b>Allianz</b> down sharply.<br /><br />Energy companies were also in the red after crude dropped to around $80 barrel. <b>Royal Dutch Shell</b>,<b> Eni</b> and<b> Total</b> were all lower.<br /><br />Across the markets, the German DAX closed down 342 points or 7.01% at 4,544, the French CAC was 266 points or 7.73% lower at 3,176, while the Swiss market fell 451 points to 5,347.<br /><br />Elsewhere, a fierce diplomatic row broke out between Prime Minister Gordon Brown and his Icelandic counterpart Geir Haarde over Reykjavik's banking crisis.<br /><br />Delegates from both countries were to meet following sharp exchanges between the two politicians, with Gordon Brown threatening legal action against the Icelandic authorities over the island's failure to guarantee British savers' deposits following the collapse of <b>Landsbanki</b>, <b>Glitnir</b> and <b>Kaupthing</b>. <br /><br />Brown is demanding the return of the cash belonging to British savers and local councils, criticising the "completely unacceptable" and "effectively illegal" behaviour of the Icelandic authorities. "This is a problem that has been caused by Iceland. It is totally unacceptable behaviour," Brown said. <br /><br />Geir Haarde for his part denounced the use of anti-terrorist laws to freeze Icelandic banking assets in the UK. "I told the Chancellor that we were not pleased with that," he said.<br /><br /><b><br />CAC 40 - Fallers</b><br />Renault (RNO) € 26.90 -17.85%<br />Societe Generale (GLE) € 47.62 -17.18%<br />Alcatel-Lucent (ALU) € 1.71 -14.34%<br />ArcelorMittal (MTP) € 21.58 -14.03%<br />Credit Agricole (ACA) € 11.25 -13.49%<br />BNP Paribas (BNP) € 58.82 -12.06%<br />Saint Gobain (SGO) € 25.49 -11.98%<br />Vallourec (VK) € 102.20 -10.61%<br />Vinci (DG) € 25.10 -10.07%<br />Sanofi-Aventis (SAN) € 37.22 -9.94%
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