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Edited on Mon Dec-01-08 07:59 AM by Ghost Dog
Mon Dec 1, 2008 12:02pm GMT LONDON, Dec 1 (Reuters) - European shares fell back at midday on Monday after recessionary concerns gripped investors with banks and commodities the biggest losers. By 1132 GMT, the FTSEurofirst 300 index of top European shares was down 3 percent at 836.23 points. ... BNP Paribas (BNPP.PA: Quote, Profile, Research), Societe Generale (SOGN.PA: Quote, Profile, Research) and Credit Agricole (CAGR.PA: Quote, Profile, Research) slipped 2.7-6.3 percent after traders cited mounting worries over Brussels' green light to the French government's package for the ailing sector. Royal Bank of Scotland (RBS.L: Quote, Profile, Research) gave up earlier gains and was down 2 percent as Italian yellow pages publisher Seat Pagine Gialle (PGIT.MI: Quote, Profile, Research) said it had started talks with the group on "enhancing its financial flexibility" under an existing senior loan agreement. Irish banks were higher after the Irish Examiner reported that they will move in the coming weeks to facilitate investments of up to 10 billion euros in fresh capital from government, private equity and other sources. Allied Irish Banks (ALBK.I: Quote, Profile, Research) and Bank of Ireland (BKIR.I: Quote, Profile, Research) were up 1.1 and 0.6 percent, respectively.
Across Europe, the FTSE 100 index was down 2.3 percent, Germany's DAX was 3.3 percent lower and France's CAC 40 was down 2.5 percent.
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Miners were in the doldrums. Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) slipped 6.5 percent after the group said that it would temporarily suspend a further five ferrochrome furnaces at its joint venture with South Africa's Merafe Resources (MRFJ.J: Quote, Profile, Research, Stock Buzz), raising the cuts in annual production to 906,000 tonnes. Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), Antofagasta (ANTO.L: Quote, Profile, Research, Stock Buzz), BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz) and Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz) were down 3.6-11.4 percent.
Steelmakers, Arcelor Mittal (MTP.PA: Quote, Profile, Research, Stock Buzz), ThyssenKrupp (TKAG.DE: Quote, Profile, Research, Stock Buzz) and Salzgitter (SZGG.DE: Quote, Profile, Research, Stock Buzz) were 5.1-8.4 percent lower after a profit warning from Finnish sector peer Rautaruukki (RTRKS.HE: Quote, Profile, Research, Stock Buzz).
/... http://www.reuters.com/article/marketsNews/idCAL168953320081201?rpc=44
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