European bank stocks battered on economy fears - WAOW - Newsline 9, Wausau News, Weather, Sports

European bank stocks battered on economy fears


LONDON (AP) -- European bank stocks are leading the retreat in markets as fears over the global economic recovery combined with renewed concerns over Greece's bailout and the prospect of a new tax on financial transactions.

Most bank stocks across Europe were underperforming already fragile markets, with French bank Societe Generale and British bank Barclays leading the way down, with losses of around 8 percent.

Analysts said bank stocks were particularly vulnerable as markets in general headed lower as investors continued to fret about the global recovery. Morgan Stanley's decision to cut its global growth forecasts for 2011 and 2012 served to highlight the exposure of banks' revenues in the coming period.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Powered by Frankly