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European close: Stocks back down again
Mon, 01 Dec, 2008
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European close: Stocks back down again
Wed, 15 Oct 2008, 16:30:00
European shares slumped by the close as fears about a recession saw investors dump commodities, while a poor start on Wall Street also hampered sentiment.<br /><br />Commodity stocks tracked the sell-off in commodity prices, while energy and oil stocks such as Total, Royal Dutch Shell and Eni were down, as oil tumbled to around $75 a barrel.<br /><br />Banking stocks, which have been surging in the last few days on the back of various bail-out schemes, were also down today. Societe Generale, Deutsche Bank and UBS posted big losses.<br /><br />Across the markets, the German Dax slumped 337 points to 4861 with the French CAC sliding 247 point to 3381.<br /><br />Belgian bank and insurance group KBC said it expects to report third-quarter losses of up to €930m after credit ratings group Moody's cut the credit ratings on some structured investment products the group has invested in. <br /><br />Semiconductor equipment maker ASML said third-quarter profit fell 56% on lower machine sales. Broker Commerzbank was more positive on the stock and upgraded its rating to hold.<br /><br />Commerzebank also lowered its EPS target on Deutsche Börse, reducing its recommendation to "add" from "buy", while chemical firm Clariant saw Citigroup cut its recommendation to "sell" from "hold".<br /><br />German drugs and chemical maker Bayer AG plans to delist its shares from the Tokyo Stock Exchange because the levels of volumes traded in the exchange did not justify the costs, it said.
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