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European Stocks Drop as Greece’s Government Calls Referendum; Banks Tumble

November 1 2011, 09:14

FMX|Connect- WWW.FMXConnect.com (Reported on 11/1/2011)

European Stocks Drop as Greece’s Government Calls Referendum; Banks Tumble

Source:Bloomberg

European stocks dropped, extending the Stoxx Europe 600 Index’s biggest plunge in four weeks, as the announcement of a Greek referendum spurred concern that the country may default. U.S. futures and Asian shares retreated.

Credit Suisse Group AG (CSGN) and Danske Bank A/S led a selloff in lenders, both sliding more than 8 percent, after earnings fell short of analysts’ estimates. National Bank of Greece SA (ETE) sank 9.9 percent in Athens trading. Mining companies tumbled after a gauge of Chinese manufacturing dropped to the lowest level since February 2009. To read the full article, click here.

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