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CAC 40 Declines As Banks Drag After Credit Suisse Rescue
(RTTNews) - French stocks opened lower on Monday amid fears of a deepening banking crisis.
Risk aversion gripped markets despite global central banks announcing measures to provide dollar liquidity in a bid to stem fallout from panic in the banking sector.
Concerns mounted about the health of the global financial system despite UBS Group AG, Switzerland's largest banking group, agreeing to buy the crisis-hit Credit Suisse Group AG in a historic, government-brokered deal.
The benchmark CAC 40 was down 0.7 percent at 6,875 after declining 1.4 percent on Friday.
Banks led losses, with BNP Paribas, Credit Agricole and Societe Generale falling 3-6 percent.
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FTSE 100 Down Sharply As Bond Yields Climb Higher
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China Industrial Output, Retail Sales Growth Eases
China industrial production and retail sales grew at weaker rates in October and investment downturn deepened as economic activity weakened towards the end of the year. Industrial production logged an annual growth of 4.9 percent in October, the National Bureau of Statistics said Friday. This followed September's 6.5 percent expansion.
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Asian Shares Follow Wall Street Lower Amid Tech Valuation Concerns
Asian stocks followed Wall Street lower on Friday as investors fretted about lofty tech valuations and the U.S. economic outlook.
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