LLOY leads banks lower

Europe’s equities markets saw declines Monday as banks stocks and miners had trouble gaining traction.

The FTSE 100 was 0.75 percent lower to 4,405.22 in London, while the FTSE 250 dropped 0.77 percent to 7,687.86.

Banks and miners made up all five biggest losers on the 100 as Lloyds Banking Group (LSE: LLOY) fell 7.7 percent for the biggest loss of the day on the index while Royal Bank of Scotland (LSE: RBS; NYSE: RBS PRM) was 4.85 percent lower.

Among miners, Hochschild Mining (LSE: HOC) dropped 7.7 percent for the worst performance of the day on the 250 and the worst loss in the sector, while over on the 100 Fresnillo (LSE: FRES) fell 4.86 percent, Anglo American (LSE: AAL) was down 4.68 percent and Vedanta Resources (LSE: VED) was 4.38 percent lower.

Property investors and developers were mixed, but British Land (LSE: BLND) turned in the best performance of the session on the 100 as it added 2.33 percent, followed closely by Hammerson (LSE: HMSO) with an advance of 2.23 percent.

The FTSE Eurofirst 300 fell 0.76 percent to 865.63 while the IBEX was down 1.29 percent to 9,396.2, the Dax was 1.42 percent to 5,004.72 and the CAC-40 dropped 1.48 percent to 3,289.66.

Carmakers were mixed as Volkswagen (FWB: VOW) added 2.85 percent for the best performance of the session in the Dax and BMW was up 0.18 percent but Peugeot (Euronext: UG) was down 2.47 percent, Daimler (FWB: DAI; NYSE: DAI) fell 3.35 percent, truck manufacturer Man (FWB: EDF1) was 3.43 percent lower and Renault (Euronext: RNO) dropped 3.84 percent.

Banks were lower as Commerzbank (FWB: CBK) had the worst day on the Dax with a decline of 4.69 percent, Societe Generale (Euronext: GLE) fell 3.98 percent and Credit Agricole (Euronext: ACA) dropped 2.04 percent.

Most markets in the Asia-Pacific region were also lower, although Tokyo’s markets advanced and the Shanghai Composite added 0.52 percent to 2,768.24.

The Nikkei 225 closed at its highest level in 8 months when it added 1 percent to 9,865.63 on a weaker yen, which helped exporters, while the Topix index added 1.13 percent to 926.89 and the Mothers market gained 1.82 percent to 405.91.

Shares in companies related to the semiconductors sector were lower on declines for US chipmaker Intel (NYSE: INTC; SEHK: 4335) on a prediction that sales will decline globally.

Advantest (TYO: 6857) fell 1.9 percent and Tokyo Electron (TYO: 8035) dropped 3.9 percent.

Camera maker Canon (TYO: 7751; NYSE: CAJ) was up 3.4 percent while in the automobile manufacturing sector Honda Motor (TYO: 7267; NYSE: HMC) added 1.6 percent and Toyota Motor (TYO: 7203; NYSE: TM; LSE: TYT) gained 1.3 percent.

The Kospi was 0.1 percent lower to 1,393.3 while the Hang Seng fell 2.28 percent to 18,253.39, the Straits Times Index was down 2.61 percent to 2,333.7, the Sensex fell 2.9 percent to 14,665.92 and the Taiex dropped 3.34 percent to 6,628.02.

Australia’s markets were closed in observance of the Queen’s Birthday.

US markets were also lower, falling in afternoon trade as the Dow Jones Industrial Average fell 1.08 percent to 8,668.21, the Nasdaq Composite was down 1.27 percent to 1,825.86 and the S&P 500 had dropped 0.97 percent to 930.96.

Story link: LLOY leads banks lower