Investing.com – European stocks declined on Tuesday, led down by stocks in the financial and mining sectors, while U.S. futures indices pointed to a lower open on Wall Street.
During European afternoon trade, the EURO STOXX 50 fell 1.11%; France’s CAC 40 tumbled 1.23%, while Germany's DAX shed 0.82%.
Banking stocks fell after a report from Germany’s Banking Association renewed concerns over the health of euro zone banks.
The report showed that Germany’s 10 largest banks would need EUR 105 billion of additional capital in order to meet new banking regulations put in place to prevent future financial crises.
Following the news, stocks in German lenders Deutsche Bank tumbled 1.71%, while Commerzbank shed 1.65%. Meanwhile, shares in British bank Barclays plunged 3.24%, while the Royal Bank of Scotland shed 1.98%.
In France, financial sector stocks declined as well, as French lenders Societe Generale plunged 3.32%, Credit Agricole dropped 3.20% and BNP Paribas declined 2.34%.
In London, the commodity heavy FTSE 100 was down 0.88%, as miners led losses.
Shares in mining giant Xstrata fell 3.22%, Rio Tinto declined 1.93% and BHP Billiton stocks shed 1.34%, after reports showed that Australia was to pursue a mining tax, after Prime Minister Julia Gillard had successfully formed a minority government.
Meanwhile, crude oil prices tumbled 1.42% to hit USD 73.04 a barrel.
The outlook for U.S. equity markets, meanwhile, was downbeat: Dow Jones Industrial Average futures indicated a loss of 0.54%, S&P 500 futures pointed to a decrease of 0.59% and Nasdaq 100 futures indicated a drop of 0.44%.
Earlier in the day, official data showed that German factory orders fell unexpectedly in July.
During European afternoon trade, the EURO STOXX 50 fell 1.11%; France’s CAC 40 tumbled 1.23%, while Germany's DAX shed 0.82%.
Banking stocks fell after a report from Germany’s Banking Association renewed concerns over the health of euro zone banks.
The report showed that Germany’s 10 largest banks would need EUR 105 billion of additional capital in order to meet new banking regulations put in place to prevent future financial crises.
Following the news, stocks in German lenders Deutsche Bank tumbled 1.71%, while Commerzbank shed 1.65%. Meanwhile, shares in British bank Barclays plunged 3.24%, while the Royal Bank of Scotland shed 1.98%.
In France, financial sector stocks declined as well, as French lenders Societe Generale plunged 3.32%, Credit Agricole dropped 3.20% and BNP Paribas declined 2.34%.
In London, the commodity heavy FTSE 100 was down 0.88%, as miners led losses.
Shares in mining giant Xstrata fell 3.22%, Rio Tinto declined 1.93% and BHP Billiton stocks shed 1.34%, after reports showed that Australia was to pursue a mining tax, after Prime Minister Julia Gillard had successfully formed a minority government.
Meanwhile, crude oil prices tumbled 1.42% to hit USD 73.04 a barrel.
The outlook for U.S. equity markets, meanwhile, was downbeat: Dow Jones Industrial Average futures indicated a loss of 0.54%, S&P 500 futures pointed to a decrease of 0.59% and Nasdaq 100 futures indicated a drop of 0.44%.
Earlier in the day, official data showed that German factory orders fell unexpectedly in July.