european stocks diverge banks hit by greek exposure
Last Updated : GMT 13:03:42
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European stocks diverge, banks hit by Greek exposure

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Arab Today, arab today European stocks diverge, banks hit by Greek exposure

London - AFP

Europe\'s main stock markets diverged on Monday, after bumper gains in Asia, with banks hit once again by concerns of exposure to the Greek debt crisis, dealers said. In morning European deals, London\'s FTSE 100 index of top shares added 0.36 percent to 6,011.33 points and in Paris the CAC 40 index fell 0.11 percent to 4,003.12. Frankfurt\'s DAX 30 gained 0.14 percent to 7,430.14 points and the Stoxx 50 index of leading eurozone companies dipped 0.26 percent to 2,868.09. Trading was also somewhat subdued amid the Independence Day public holiday in the United States. Asian markets rallied Monday after better-than-expected US manufacturing data had sent Wall Street stocks rallying before the weekend amid easing fears over Greece. \"European equities are finding it hard to make any headway this morning despite overnight strength in Asian Pacific markets,\" said analyst David Morrison at trading group GFT. Eurozone finance ministers cleared the way on Saturday for Greece to receive the next 12-billion-euro tranche of its 110-billion-euro EU-IMF bailout after lawmakers in Athens passed tough austerity cuts. The deal led to relief across world markets at the end of last week as many had feared a default could lead to another global financial crisis. However ratings agency Standard & Poor\'s on Monday warned that debt rollover plans for crisis-hit Greece could amount to a \"selective default.\" That dented the European banking sector on Monday, which has been dogged by concern about potential losses linked to Greece. \"Banking stocks are dragging down the major indices as ratings agency Standard & Poor\'s warned that the French-led Greek rollover plan may trigger a default event,\" added Morrison. \"On top of this, volumes will be light thanks to the US Independence Day holiday. Many investors will also be wary of taking on additional equity exposure following last week\'s rally.\" In London, Lloyds Banking Group shares sank 1.57 percent to 50.01 pence, Royal Bank of Scotland fell 0.49 percent to 39.49 pence and Barclays shed 1.41 percent to 261.8 pence. In Frankfurt, Commerzbank slid 0.67 percent to 3.13 euros and Deutsche Bank dropped 1.06 percent to 41.36 euros. BNP Paribas dived 1.61 percent to 53.66 euros in Paris and Societe Generale tumbled 2.17 percent to 41.52 euros. It is feared that a Greek default situation would severely weaken the balance sheets of some banks and insurance companies. French banks hold a sizeable proportion of Greek debt, and France has proposed that lenders roll over their loans into new 30-year bonds, giving Greece more time to put its financial house in order. But the \"debt rollover proposal could result in a selective default for Greece,\" S&P said on Monday.

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