Investing.com - European stocks plunged at the close Friday, as equity sentiment remained bearish ahead of the European summit's second day of talks, after leaders made no new announcements regarding Greece and Spain's debt woes on Thursday.
At the close of European trade, France’s CAC 40 dipped 0.87%, while Germany’s DAX 30 fell 0.76% and the FTSE closed off 0.36%.
Meeting on Thursday in Brussels, European leaders made some progress towards establishing a single banking supervisor for the currency bloc, but, as expected, talked little about immediate plans for debt-ridden problem members, Spain and Greece.
Markets were also jittery after the release of mixed U.S. economic reports on Thursday. Official data showed that the number of individuals filing for initial jobless benefits last week rose more-than-expected to 388,000, while the Philadelphia Federal Reserve's manufacturing index improved bto 5.7 in October from September’s reading of minus 1.9.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale dropped 0.26% and 0.67%, while Germany's Deutsche Bank and Commerzbank tumbled 1.06% and
0.50% respectively.
Peripheral lenders added to losses, with Italian banks Unicredit declining 0.54%, while Spain's BBVA and Banco Santander declined 1.20% and 0.85%.
Elsewhere, SMA Solar Technology plunged 23.08%, as Germany’s biggest solar-power company by market value forecast a drop in sales next year as "massive" subsidy cuts in Europe reduce demand.
On the upside, Carrefour gained after Cencosud SA, Chile’s biggest retailer by sales, agreed to buy Carrefour’s Colombian unit for EUR2 billion, including debt.
Shares in HSBC Holdings dropped 0.36% and the Royal Bank of Scotland tumbled 1.13%, while Barclays and Lloyds Banking both plummeted 1.79%.
Mining giants Rio Tinto and BHP Billiton were also on the downside, with shares declining 1.18% and 0.32%, while copper producers Xstrata and Kazakhmys retreated 1.11% and 0.64% respectively.
In the U.S., equity followed sharply lower with the Dow Jones down 1.09%, the S&P 500 off 1.13% and the tech heavy Nasdaq plunges 1.67%.
Also Friday, official data showed that producer price inflation in Germany rose in line with expectations in September, ticking up 0.03% after a 0.05% rise the previous month.
At the close of European trade, France’s CAC 40 dipped 0.87%, while Germany’s DAX 30 fell 0.76% and the FTSE closed off 0.36%.
Meeting on Thursday in Brussels, European leaders made some progress towards establishing a single banking supervisor for the currency bloc, but, as expected, talked little about immediate plans for debt-ridden problem members, Spain and Greece.
Markets were also jittery after the release of mixed U.S. economic reports on Thursday. Official data showed that the number of individuals filing for initial jobless benefits last week rose more-than-expected to 388,000, while the Philadelphia Federal Reserve's manufacturing index improved bto 5.7 in October from September’s reading of minus 1.9.
Financial stocks were broadly lower, as shares in French lenders BNP Paribas and Societe Generale dropped 0.26% and 0.67%, while Germany's Deutsche Bank and Commerzbank tumbled 1.06% and
0.50% respectively.
Peripheral lenders added to losses, with Italian banks Unicredit declining 0.54%, while Spain's BBVA and Banco Santander declined 1.20% and 0.85%.
Elsewhere, SMA Solar Technology plunged 23.08%, as Germany’s biggest solar-power company by market value forecast a drop in sales next year as "massive" subsidy cuts in Europe reduce demand.
On the upside, Carrefour gained after Cencosud SA, Chile’s biggest retailer by sales, agreed to buy Carrefour’s Colombian unit for EUR2 billion, including debt.
Shares in HSBC Holdings dropped 0.36% and the Royal Bank of Scotland tumbled 1.13%, while Barclays and Lloyds Banking both plummeted 1.79%.
Mining giants Rio Tinto and BHP Billiton were also on the downside, with shares declining 1.18% and 0.32%, while copper producers Xstrata and Kazakhmys retreated 1.11% and 0.64% respectively.
In the U.S., equity followed sharply lower with the Dow Jones down 1.09%, the S&P 500 off 1.13% and the tech heavy Nasdaq plunges 1.67%.
Also Friday, official data showed that producer price inflation in Germany rose in line with expectations in September, ticking up 0.03% after a 0.05% rise the previous month.