European Stocks Decline in Reaction to Worries over Region’s Debt Crisis

Stock markets in Europe declines on Wednesday in reaction to escalating concerns over euro zone sovereign debt crisis. The Stoxx Europe 600 index fell 0.4 percent to 249.9 for the day. Energy sector took the major hit today’s session.

The negative sentiments dominated after the comments of David Riley, Head of Fitch who said that ECB needs to take more measures to prevent “cataclysmic euro collapse.” However, on the other hand yield on 10-year German government bonds fell 6 basis points to 1.82 percent with total demand of 3.15 billion euros equivalent to $4.02 billion.

The German DAX 30 index declined 0.2 percent to 6,152.34 with biggest Metro AG as the biggest decliner which fell by 3 percent. France’s CAC-40 index slipped 0.2 percent to 3,204.83. Energy stocks were also biggest bears at French Stock Exchange however Alcatel Lucent gained 6.9 percent in reaction to higher rating by Deutsche Bank.

Italian FTSE MIB index advanced 0.3 percent to 14,882.44 with UniCredit surged more than 9 percent. London’s FTSE 100 index fell 0.5 percent to 5,670.82 for the day. Among the biggest fall at LSE included Royal Dutch Shell PLC which declined 3.1 percent while BP PLC fell 0.9 percent. Total SA dropped 1.1 percent for the day.

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