FXStreet (Mumbai) – European stocks snapped 5-day winning streak as losses in the banking shares outweighed the recovery in the commodity shares.
The Euro Stoxx 600 dropped 0.5% to a session low of 397.01. Among the regional indices, the London’s Ftse fell 0.27% and German Dax fell 0.34%. The Italy’s FTSE MIB Index slid 1.6% and Spain’s IBEX 35 Index dropped 1.4%.
Shares in Credit Agricole SA declined 10% after, as per Bloomberg reports, it failed to win backing from regulators for a reorganization that may free up capital to repay investors. The sharp losses dragged the banking sector lower. Meanwhile, miners witnessed modest gains. Anglo American Plc and Rio Tinto Group rose at least 2.4%, tracking the recovery in metals.
Greek stock markets extended the drop today by another 1%, after having plummeted 16% on Monday. Piraeus Bank SA tumbled the maximum 30% for a second day, to a record low. National Bank of Greece SA lost 22%, also falling to a new low.
(Market News Provided by FXstreet)