European stocks
snapped a five-day winning streak as declines in banks outweighed a
surge in miners. Greek shares slid for a second day.
Credit Agricole SA
dragged lenders to the worst performance on the Stoxx Europe 600 Index,
tumbling 10 percent after signaling it failed to win backing from
regulators for a reorganization that may free up capital to repay
investors. Total SA and Eni SpA pulled oil-and-gas companies down, as
crude traded in a bear market. BHP Billiton Ltd and Rio Tinto Group rose
at least 1.6 percent, pushing commodity producers to the biggest gain
on the equity gauge as some metal prices rebounded.
The Stoxx 600
retreated 0.2 percent to 398.75 at the close of trading, after earlier
losing as much as 0.6 percent. Italy’s FTSE MIB Index and Spain’s IBEX
35 Index dropped 1 percent.
Greece’s ASE Index,
which plummeted 16 percent on reopening Monday after a five-week
suspension, lost 1.2 percent, for the biggest drop among
western-European markets. The emergency curbs placed on trading before
the resumption of activity are making routine tasks like buying and
selling often impossible, according to local brokers.
Piraeus Bank SA
tumbled the maximum 30 percent for a second day, to record low. National
Bank of Greece SA slid 29 percent, also to a new low.
Source: Bloomberg
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