Europe Stocks Tumble As Debt Stalemate Continues

European stock markets fell in early trading on Monday, tracking losses for U.S. stock futures as the stalemate over the debt crisis looked no closer to reaching an end. “House speaker John Boehner was quoted as saying he wouldn’t pass a bill to increase the U.S. debt ceiling without addressing longer-term spending and budget challenges. This has really rattled markets and is likely to result in further near-term weakness for global equities,” said Stan Shamu, market strategist at IG, in a note.

The Stoxx Europe 600 index fell 0.7% to 307.80, regional stock market indices were also piling on pain. The German DAX 30 index fell 1.1% to 8,529.09, while the French CAC 40 index fell 1% to 4,119.54 and the FTSE 100 index fell 0.6% to 6,413. Oil, banks and drugs stocks were among the hardest hit, with shares of Total SA falling 1.3% and Sanofi SA and BNP Paribas SA falling 1%.

Source : Marketwatch