German shares decline as European banks slump

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Source: Dukascopy Bank SA
European equities slumped on Monday amid decision made by European policy makers on the bailout plan for Cyprus. Investors raised concerns over the Eurozone's economy after announcement on the tax levy for bank customers in return for a EUR10 billion bailout. The DAX Index declined 0.7% to 7,984.53 at 5:09 p.m. in Frankfurt. All but two groups inched lower. Consumer services was the only sector posting a sound rally of 2%, as Deutsche Lufthansa shares rose 2.2% higher to trade at EUR16.55. Continental AG followed with a 1.1% increase to cap losses in consumer services shares. On the downside, Deutsche Bank dropped 2.6% as a gauge of banking shares shrank the most of the industry groups. The largest European insurer Allianz SE decreased 2.4%, as a gauge of European insurance firms slumped the most on the Stoxx 600. Infineon Technologies slid 2.1% to drag down tech shares.

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Mon, 18 Mar 2013 16:49:06 GMT

U.K. equities down on concerns about European economic outlook

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