European Stocks Decline After the Increase in Italian & Spanish Yields
Stock markets in Europe turned bearish after the increase in yields of the Italian and Spanish bonds which created worries over the euro zone debt problems. The Stoxx Europe 600 Index fell 2.1 percent to close at 258.76 for the day making its lowest in last month.
As the yields on Spanish bonds increased, uncertainty among investors also increased over the euro zone’s sovereign debt crisis. The average yield on Spanish bonds increased to 2.89 percent as compared to 2.44 percent in the earlier auction. Spain’s IBEX 35 index fell 2.1 percent to 7,660.70.
Yields on 10-year Italian bonds gained to 5.37 percent making FTSE MIB index to decline 2.4 percent to 15,245.92. Among the top decliners included Fresnillo PLC which plunged 8.3 percent while Evraz PLS fell 6.9 percent.
The London’s FTSE 100 index dropped 2.3 percent to 5,703.77 with BG Group PLC reported the fall of 4.9 percent while BP PLC declined 2.6 percent for the day.
The French, CAC-40 index plummeted 2.7 percent to close at 3,313.47 for the day. Among the top losers at French Stock Exchange was Societe Generale SA which slipped 3.5 percent, Credit Agricole declining 5.2 percent while BNP Paribas SA plunged 4.4 percent. Auto sector also remained low as the Peugeot SA fell 5.8 percent while Renault SA declined 4.5 percent.
In Germany, DAX-30 index dropped 3.5 percent to settle at 6.784.06 for the day. Volkswagen SA declined 3.7 percent while Daimler AG fell 2.3 percent for the day.
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