Stock Markets in Europe End Lower mainly Driven by Banking and Resources Sector

European stock markets ended lower on Wednesday as no signs of further quantitative easing by US Federal Reserve were disclosed. In reaction to which banking and resources sector moved European stocks in negative zone.

The Stoxx Europe 600 index declined 0.8 percent to 235.34 as compared to increase of 0.5 percent on Tuesday. Among the top decliners, Logica PLC an Anglo Dutch IT firm plunged 17 percent after it announced the organizational downsizing by 1,300 jobs. Spanish retailer Inditex SA gained 3.7 percent on better financial results and reported the increase of 10 percent in its income of nine months ended October 31st, 2011.

London’s FTSE 100 index corrected by 0.9 percent to 5,441.99 as the BP PLC and Royal Dutch Shell PLC both fell by more than 1 percent. Rio Tinto PLC declined 2.4 percent while Fresnillo PLC was down 4.2 percent on Wednesday.

German and French stock markets also remained under pressure as German Chancellor Angela Merkel expressed her concerns on increasing of the lending limit of the bailout fund for the euro zone. Germany’s DAX 30 index declined 1 percent to close at 5,723.65 points. BMW AG fell 4 percent while Volkswagen AG declined 2 percent at DAX 30. Daimler AG dropped 2.3 percent on Wednesday.

The French CAC-40 index fell 1.5 percent to 3,032.43 points with Societe Generale SA among the top fall which declined 4 percent. BNP Paribas SA fell 3.2 percent while AXA SA dropped 2.5 percent for the day.


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