RBS drops 12.56 percent

Most European equities markets were lower Wednesday, with banks in focus as most UK banks saw declines even as banks were among the best performers on the CAC-40 in Paris and on the Dax in Frankfurt.

In London, the FTSE 100 fell 0.68 percent to 4,006.83 and the FTSE 250 dropped 0.32 percent to 6,245.77.

Declines in banks were led by Royal Bank of Scotland (LSE: RBS; NYSE: RBS PRM), which was down 12.56 percent for the worst performance of the session on the 100.

Insurers were also lower in the UK as Legal and General (LSE: LGEN) fell 11.7 percent and Prudential (LSE: PRU; NYSE: PUK) dropped 6.62 percent.

In the real estate sector Liberty International (LSE: LII) added 5.56 percent to lead gainers on the 100, but Brixton (LSE: BXTN) dropped 14.06 percent on the 250.

The FTSE Eurofirst 300 was down 0.25 percent as the CAC-40 fell 0.04 percent to 2,874.07 and the Dax dropped 0.28 percent to 4,204.96 but the IBEX added 0.23 percent to 7,861.4 in Madrid.

In the banking sector, Societe Generale (Euronext: GLE) added 2.66 percent for the best day on the CAC-40 after it announced a reorganization of its investment bank operations, while Commerzbank (FWB: CBK) gained 6.74 percent as the biggest winner on the Dax.

Carmakers were mixed as Renault (Euronext: RNO) dropped 5.15 percent for the worst performance of the session on the CAC-40 and Daimler (FWB: DAI; NYSE: DAI) fell 3.44 percent on the Dax, but Peugeot (Euronext: UG) managed a 1.2 percent gain.

Most markets in the Asia-Pacific region were lower as well.

In Tokyo, the Nikkei 225 was 1.45 percent lower to 7,534.44 while the Topix index fell 0.96 percent to 749.26 and the Mothers market dropped 0.68 percent to 303.48.

Banks were lower in Tokyo as Mizuho Financial (TYO: 8411; NYSE: MFG) fell 1.5 percent, Mitsubishi UFJ (TYO: 8306; NYSE: MTU) was down 3.1 percent and Sumitomo Mitusi (NYSE: 8316) dropped 4.6 percent.

The real estate sector, hurt by recent bankruptcies in the sector and credit concerns, also saw declines.

Mitsui Fudosan (TYO: 8801) was down 2.6 percent while Sumitomo Realty and Development (TYO: 8830) and Mitsubishi Estate (TYO: 8802) each dropped 2.7 percent.

Elsewhere in the region the Sensex was down 0.22 percent to 9,015.18 and the Kospi was 1.24 percent lower to 1,113.19.

In Australia the Sydney Ordinaries fell 1.33 percent to 3,366.9 and the S&P/ASX200 was down 1.48 percent to 3,413.2 while in China the Shanghai Composite dropped 4.72 percent to 2,209.86.

Gainers included the Taiex, which added 0.15 percent to 4,498.37 while the Hang Seng was up 0.55 percent to 13,016 and the Straits Times Index gained 0.8 percent to 1,651.06.

In early afternoon trade in New York, the Dow Jones Industrial Average was 0.17 percent lower to 7,539.86 while the Nasdaq Composite was down 0.05 percent to 1,469.97 and the S&P 500 had dropped 0.25 percent to 787.23.

Furniture retailer La-Z-Boy (NYSE: LZB) added 19.57 percent even though it said its fiscal third-quarter losses were at $64.4 million, it suspended its dividend, and said it would close 10 of its furniture gallery stores and cut inventory by 10 percent in its fiscal fourth quarter.

The gains came after it said it has reduced its debt by 40 percent in the past year.

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