Investing.com – European stocks ended lower on Monday, led down by declines in the financial sector, amid lingering concerns over the outlook for growth in the 16-nation euro zone and after mixed U.S. economic data.
At the close of European trade, the EURO STOXX 50 tumbled 1.26%; France’s CAC 40 declined 1.13%, while Germany's DAX fell 1.21%.
On Sunday, the Financial Times reported Ireland’s budget deficit this year will be higher than earlier forecasted, while Nobel Prize-winning economist Joseph Stiglitz said the euro’s future was “looking bleak.”
Meanwhile, data released on Monday showed that U.S. pending home sales rose more-than-expected in August, while new factory goods orders declined more-than-expected in August.
Stocks in the financial sector posted sharp declines across Europe, as shares in Italian lender Unicredito tumbled 1.52%, French bank BNP Paribas fell 0.56%, while Deutsche Bank shed 0.43%.
In France, auto-makers led shares lower, after French-based Peugeot Citroen plunged 3.69%, while rivals Renault saw shares drop 3.53%.
In London, the FTSE 100 extended early losses to fall 0.66%, as commodity sector stocks led declines. Shares in mining giants BHP Billiton tumbled 1.35%, rivals Rio Tinto shed 1.54%, while stocks of oil giant British Petroleum plunged 2.13%.
Across the Atlantic, U.S. markets were down: the Dow Jones Industrial Average fell 1.07%; the S&P 500 index declined 1.25%, while the Nasdaq Composite index tumbled 1.66%.
Later Monday, Federal Reserve chairman Ben Bernanke was due to give a speech. His comments would be closely scrutinized for any clues to the future direction of monetary policy.
At the close of European trade, the EURO STOXX 50 tumbled 1.26%; France’s CAC 40 declined 1.13%, while Germany's DAX fell 1.21%.
On Sunday, the Financial Times reported Ireland’s budget deficit this year will be higher than earlier forecasted, while Nobel Prize-winning economist Joseph Stiglitz said the euro’s future was “looking bleak.”
Meanwhile, data released on Monday showed that U.S. pending home sales rose more-than-expected in August, while new factory goods orders declined more-than-expected in August.
Stocks in the financial sector posted sharp declines across Europe, as shares in Italian lender Unicredito tumbled 1.52%, French bank BNP Paribas fell 0.56%, while Deutsche Bank shed 0.43%.
In France, auto-makers led shares lower, after French-based Peugeot Citroen plunged 3.69%, while rivals Renault saw shares drop 3.53%.
In London, the FTSE 100 extended early losses to fall 0.66%, as commodity sector stocks led declines. Shares in mining giants BHP Billiton tumbled 1.35%, rivals Rio Tinto shed 1.54%, while stocks of oil giant British Petroleum plunged 2.13%.
Across the Atlantic, U.S. markets were down: the Dow Jones Industrial Average fell 1.07%; the S&P 500 index declined 1.25%, while the Nasdaq Composite index tumbled 1.66%.
Later Monday, Federal Reserve chairman Ben Bernanke was due to give a speech. His comments would be closely scrutinized for any clues to the future direction of monetary policy.