"After the strong gains through the first quarter, it's very reasonable that trading is soft"
- Michael Droescher Joergensen, an equity strategist at Nykredit Bank A/S
European stocks tumbled on Thursday, led by banks, after Standard & Poor's said Greece may have to restructure its debt again.
The Stoxx Europe 600 Index erased 1.27 per cent to 260.74. Germany's DAX Index tumbled 1.77 per cent and France's CAC 40 Index retreated 1.43 per cent. The U.K.'s FTSE 100 Index dropped 1.15 per cent to 5,742.03.
"After the strong gains through the first quarter, it's very reasonable that trading is soft as investors consider their positions in the wake of some soft data recently," said Michael Droescher Joergensen, an equity strategist at Nykredit Bank A/S in Copenhagen.
"There has been massive uncertainty in the markets concerning the euro-zone debt crisis, coupled with concerns over global growth, with much of the macro data coming from the U.S. doing little to allay investor fears," said Stuart Jamieson, senior dealer at Tradenext.
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