July 11, 2011
Simon Kennedy
Wall Street Journal
LONDON (Dow Jones)--European stock markets fell sharply Monday, led lower by banking and insurance shares as fears that the euro-zone debt crisis is spreading to Italy spooked investors.
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The Stoxx Europe 600 index dropped 1.4% to end at 269.90, with banks and insurers among the worst performers.
BNP Paribas SA dropped 6.8% in Paris, Commerzbank AG fell 8.6% in Frankfurt, and Dexia SA slumped 8% in Brussels.
Italian lenders got hammered, extending the sector's heavy losses from Friday, when some shares were briefly suspended due to tumbling prices.
Shares of Intesa Sanpaolo SpA fell 7.7%, having slumped 14% over the previous week as Italy's cost of borrowing rose and amid worries over the outcome of stress tests for major European banks.
Banking group UniCredit SpA also retreated, down 6.3% after a volatile session.
For more go to:
http://online.wsj.com/article/BT-CO-20110711-709016.html
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