Investing.com – European stock markets were broadly lower on Monday, as simmering fears over political unrest in Egypt weighed, while U.S. futures indexes pointed to a lower open on Wall Street.
During European morning trade, the EURO STOXX 50 slumped 0.77%, France’s CAC 40 dropped 0.81%, while Germany's DAX was down 0.58%.
Earlier in the day, ratings agency Moody’s downgraded Egypt’s government bond ratings, as escalating political tensions in Egypt threatened President Hosni Mubarak’s 30-year rule and raised fears of the crisis spreading to neighboring countries in the Middle East.
Following the news, shares in the financial sector performed poorly. Europe’s largest banking group BNP Paribas saw shares tumble 2.33%, shares in rival Societe Generale plunged 2.84%, while German lender Deutsche Bank saw shares drop 2.52%.
Shares in the largest Dutch insurance firm Aegon sank 2.15% after the stock was downgraded to ‘hold’ by Societe Generale.
Elsewhere, shares in automakers were broadly lower, as Europe’s largest automaker Volkswagen saw shares drop 2.18%. Shares in rival Daimler fell 2.23%, while French automaker Renault saw shares slide 1.86%.
However, shares in the world’s second largest retailer Carrefour jumped 2.44% amid media reports that the retail giant was considering splitting the company into three listed units.
In London, the commodity-heavy FTSE 100 was down 0.73% as resource stocks led markets lower after metal prices retreated.
Shares in the world’s largest mining group BHP Billiton shed 1.03%, rival Rio Tinto saw shares plunge 1.72%, while shares in silver producer Fresnillo tumbled 2.51%.
Elsewhere, shares in oil giant Royal Dutch Shell added 0.82% as crude oil prices advanced amid fears of the Egyptian crisis spreading to neighboring oil-producing countries.
Meanwhile, shares in the financial sector added to losses as U.K. lender Barclays saw shares tumble 1.93%, rival Lloyds Banking Group saw shares slump 1.11%, while shares in Royal Bank of Scotland lost 2.55%.
However, shares in Europe’s biggest low-cost airliner Ryanair Holdings climbed 1.07% after the company said that its third quarter net loss narrowed by 5.5% to EUR10.3 million, as revenue grew 22% to EUR746.3 million.
The outlook for U.S. equity markets, meanwhile, was modestly downbeat ahead of earnings reports from oil and gas giant Exxon-Mobil.
The Dow Jones Industrial Average futures pointed to a loss of 0.17%, S&P 500 futures indicated a drop of 0.08%, while the Nasdaq 100 futures pointed to a decline of 0.06%.
Later in the day, the U.S. was to publish official data on personal consumption expenditure as well as data on personal incomes and spending. The country was also to publish a report on manufacturing growth in Chicago.
During European morning trade, the EURO STOXX 50 slumped 0.77%, France’s CAC 40 dropped 0.81%, while Germany's DAX was down 0.58%.
Earlier in the day, ratings agency Moody’s downgraded Egypt’s government bond ratings, as escalating political tensions in Egypt threatened President Hosni Mubarak’s 30-year rule and raised fears of the crisis spreading to neighboring countries in the Middle East.
Following the news, shares in the financial sector performed poorly. Europe’s largest banking group BNP Paribas saw shares tumble 2.33%, shares in rival Societe Generale plunged 2.84%, while German lender Deutsche Bank saw shares drop 2.52%.
Shares in the largest Dutch insurance firm Aegon sank 2.15% after the stock was downgraded to ‘hold’ by Societe Generale.
Elsewhere, shares in automakers were broadly lower, as Europe’s largest automaker Volkswagen saw shares drop 2.18%. Shares in rival Daimler fell 2.23%, while French automaker Renault saw shares slide 1.86%.
However, shares in the world’s second largest retailer Carrefour jumped 2.44% amid media reports that the retail giant was considering splitting the company into three listed units.
In London, the commodity-heavy FTSE 100 was down 0.73% as resource stocks led markets lower after metal prices retreated.
Shares in the world’s largest mining group BHP Billiton shed 1.03%, rival Rio Tinto saw shares plunge 1.72%, while shares in silver producer Fresnillo tumbled 2.51%.
Elsewhere, shares in oil giant Royal Dutch Shell added 0.82% as crude oil prices advanced amid fears of the Egyptian crisis spreading to neighboring oil-producing countries.
Meanwhile, shares in the financial sector added to losses as U.K. lender Barclays saw shares tumble 1.93%, rival Lloyds Banking Group saw shares slump 1.11%, while shares in Royal Bank of Scotland lost 2.55%.
However, shares in Europe’s biggest low-cost airliner Ryanair Holdings climbed 1.07% after the company said that its third quarter net loss narrowed by 5.5% to EUR10.3 million, as revenue grew 22% to EUR746.3 million.
The outlook for U.S. equity markets, meanwhile, was modestly downbeat ahead of earnings reports from oil and gas giant Exxon-Mobil.
The Dow Jones Industrial Average futures pointed to a loss of 0.17%, S&P 500 futures indicated a drop of 0.08%, while the Nasdaq 100 futures pointed to a decline of 0.06%.
Later in the day, the U.S. was to publish official data on personal consumption expenditure as well as data on personal incomes and spending. The country was also to publish a report on manufacturing growth in Chicago.