Europe Shares Down Ahead of EU Summit

European stock markets tumbled in early action on Wednesday, in the wake of comments late the prior session from former Greek Prime Minister Lucas Papademos and as markets awaited a European Union summit.

Papademos said in an interview with Dow Jones Newswires that preparations are being considered for a euro-zone exit.

Banks and resources, which led the gains Tuesday, were driving losses, with the Stoxx Europe 600 index (XX:SXXP) -0.88% down 1.1% to 241.97.

Among the decliners, shares of HSBC Holdings PLC (UK:HSBA) -1.36% HBC +0.12% fell 1.6% and Total SA (FR:FP) -1.22% TOT -0.31% fell 1.3%.

The French CAC 40 index (FR:PX1) -1.16% fell 1.5% to 3,036.69, with Carrefour SA (FR:CA) +4.78% a lone gainer, up 2.7% on a broker upgrade.

The German DAX 30 index (DX:DAX) -1.12% fell 1.4% to 6,346.18.

The FTSE 100 index (UK:UKX) -1.16% fell 1.2% to 5,337.03, with Burberry Group PLC (UK:BRBY) -5.05% sinking 4.8% after the luxury-goods retailer reported full-year results.

This news has been reported by Market Watch.