Investing.com - European stock markets were sharply lower on Thursday, weakened by heavy losses in financial stocks after Moody’s said it may downgrade global banks while delays in Greek debt talks continued to weigh.
During European morning trade, the EURO STOXX 50 plunged 1.22%, France’s CAC 40 dropped 0.75%, while Germany’s DAX 30 tumbled 1.38%.
Sentiment was hit following reports that European Union officials are looking at ways to delay the second bailout, amid concerns that political leaders in Greece are not fully committed to implementing harsh austerity measures demanded by international creditors.
On Wednesday, Eurogroup President Jean Claude Juncker said he was confident that finance ministers will make a final decision on Greece's new bailout and private-debt restructuring at a meeting on Monday.
Shares in France’s second largest bank, Societe Generale slumped 3.82% after saying fourth-quarter profit declined 89% as the investment bank posted a loss.
Meanwhile BNP Paribas also tumbled 2.46%, while German lenders Deutsche Bank and Commerzbank plummeted 3.39% and 3.64% respectively.
Axa, Europe’s second-largest insurer, also contributed to losses, with shares retreating 3.15% after the company posted an 82% drop in second- half profit, given it didn’t repeat a gain from an asset disposal in the first half and on lower sales of life-insurance products.
Elsewhere, in London, FTSE 100 dropped 0.71%, weighed by losses in the financial sector while data showed that consumer confidence in the U.K. rose more-than-expected in January.
Shares in Lloyds Banking plummeted 3.38% and Barclays tumbled 3.08%, while the Royal Bank of Scotland and HSBC Holdings saw shares plunge 2.25% and 1.46%.
Mining giants Rio Tinto and Bhp Billiton also added to losses with shares tumbling 2.02% and 1.59%, while copper producers Xstrata and Kazakhmys fell 0.74% and 1.70% respectively.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a fall of 0.27%, S&P 500 futures signaled a 0.38% decline, while the Nasdaq 100 futures indicated a 0.21% loss.
Later in the day, the U.S. was to publish official data on building permits and on housing starts, as well as reports on producer price inflation and unemployment claims. Federal Reserve Chairman Ben Bernanke was also due to speak.
During European morning trade, the EURO STOXX 50 plunged 1.22%, France’s CAC 40 dropped 0.75%, while Germany’s DAX 30 tumbled 1.38%.
Sentiment was hit following reports that European Union officials are looking at ways to delay the second bailout, amid concerns that political leaders in Greece are not fully committed to implementing harsh austerity measures demanded by international creditors.
On Wednesday, Eurogroup President Jean Claude Juncker said he was confident that finance ministers will make a final decision on Greece's new bailout and private-debt restructuring at a meeting on Monday.
Shares in France’s second largest bank, Societe Generale slumped 3.82% after saying fourth-quarter profit declined 89% as the investment bank posted a loss.
Meanwhile BNP Paribas also tumbled 2.46%, while German lenders Deutsche Bank and Commerzbank plummeted 3.39% and 3.64% respectively.
Axa, Europe’s second-largest insurer, also contributed to losses, with shares retreating 3.15% after the company posted an 82% drop in second- half profit, given it didn’t repeat a gain from an asset disposal in the first half and on lower sales of life-insurance products.
Elsewhere, in London, FTSE 100 dropped 0.71%, weighed by losses in the financial sector while data showed that consumer confidence in the U.K. rose more-than-expected in January.
Shares in Lloyds Banking plummeted 3.38% and Barclays tumbled 3.08%, while the Royal Bank of Scotland and HSBC Holdings saw shares plunge 2.25% and 1.46%.
Mining giants Rio Tinto and Bhp Billiton also added to losses with shares tumbling 2.02% and 1.59%, while copper producers Xstrata and Kazakhmys fell 0.74% and 1.70% respectively.
In the U.S., equity markets pointed to a lower open. The Dow Jones Industrial Average futures pointed to a fall of 0.27%, S&P 500 futures signaled a 0.38% decline, while the Nasdaq 100 futures indicated a 0.21% loss.
Later in the day, the U.S. was to publish official data on building permits and on housing starts, as well as reports on producer price inflation and unemployment claims. Federal Reserve Chairman Ben Bernanke was also due to speak.