Investing.com – European stock markets extended losses on Monday, as concerns deepened over the euro zone sovereign debt crisis and Greece's financial woes.
During European afternoon trade, the EURO STOXX 50 fell 2.16%, France’s CAC 40 dropped 2.24%, while Germany’s DAX 30 posted a 2.62% decline.
Risk sentiment remained weak amid concerns over the impact of a possible Greek default on the European banking sector after Greece's finance minister said Sunday that the country would not meet fiscal targets this year.
Investors eyed a meeting between European financial ministers, scheduled later in the day to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Over the weekend, Germany's finance minister Wolfgang Schnabel ruled out any chances of a higher contribution to the EFSF beyond the already approved EUR211 billion.
Shares in the financial sector were broadly lower, with France's BNP Paribas plummeting 4.50% and Societe Generale tumbling 3.98%, while Germany's Deutsche bank fell 2.62%.
Belgium's Dexia saw shares plunge 10.09%, as Moody’s placed the credit ratings of the lender’s three main operating entities on review for possible downgrade.
French and Belgian officials were reported to have set a meeting to discuss a rescue package for the bank, due to its heavy exposure to Greek debt.
Meanwhile, the automobile sector was also severely hit, with shares in BMW falling 6.01% to a one-year low, while Daimler dropped 2.94%.
In London, the commodity-heavy FTSE 100 shed 1.73%, tracking losses in commodity prices.
Mining giants Rio Tinto and BHP Billiton tumbled down 4.08% and 3.31% respectively, while copper producers Xstrata and Kazakhmys saw shares plunge 6.57% and 4.48%, as copper fell to its lowest price since July 2010.
U.K. lenders also contributed to losses, with shares in Barclays tumbling 4.40% and Royal bank of Scotland falling 4.68%, while shares in Lloyds Banking posted a 4% decline.
Elsewhere, U.S. equity markets remained broadly lower. The Dow Jones Industrial Average futures pointed to a drop of 0.31%, S&P 500 futures signaled a fall of 0.35%, while the Nasdaq 100 futures indicated a 0.46% decline.
Later in the day, the U.S. Institute of Supply Management was to publish data on manufacturing activity.
During European afternoon trade, the EURO STOXX 50 fell 2.16%, France’s CAC 40 dropped 2.24%, while Germany’s DAX 30 posted a 2.62% decline.
Risk sentiment remained weak amid concerns over the impact of a possible Greek default on the European banking sector after Greece's finance minister said Sunday that the country would not meet fiscal targets this year.
Investors eyed a meeting between European financial ministers, scheduled later in the day to discuss options for increasing the capacity of the region’s bailout fund, the European Financial Stability Facility.
Over the weekend, Germany's finance minister Wolfgang Schnabel ruled out any chances of a higher contribution to the EFSF beyond the already approved EUR211 billion.
Shares in the financial sector were broadly lower, with France's BNP Paribas plummeting 4.50% and Societe Generale tumbling 3.98%, while Germany's Deutsche bank fell 2.62%.
Belgium's Dexia saw shares plunge 10.09%, as Moody’s placed the credit ratings of the lender’s three main operating entities on review for possible downgrade.
French and Belgian officials were reported to have set a meeting to discuss a rescue package for the bank, due to its heavy exposure to Greek debt.
Meanwhile, the automobile sector was also severely hit, with shares in BMW falling 6.01% to a one-year low, while Daimler dropped 2.94%.
In London, the commodity-heavy FTSE 100 shed 1.73%, tracking losses in commodity prices.
Mining giants Rio Tinto and BHP Billiton tumbled down 4.08% and 3.31% respectively, while copper producers Xstrata and Kazakhmys saw shares plunge 6.57% and 4.48%, as copper fell to its lowest price since July 2010.
U.K. lenders also contributed to losses, with shares in Barclays tumbling 4.40% and Royal bank of Scotland falling 4.68%, while shares in Lloyds Banking posted a 4% decline.
Elsewhere, U.S. equity markets remained broadly lower. The Dow Jones Industrial Average futures pointed to a drop of 0.31%, S&P 500 futures signaled a fall of 0.35%, while the Nasdaq 100 futures indicated a 0.46% decline.
Later in the day, the U.S. Institute of Supply Management was to publish data on manufacturing activity.