European stock markets continue to struggle on Tuesday over global growth concerns. Dampened market sentiment and oil prices falling below $30 a barrel on Monday caused further concerns for the market. Germany’s DAX 30 has fallen 1.31% on the day, France’s CAC 40 is down 2.19%, and the Euro Stoxx 50 is down 2.19%.
News on Monday indicated that eurozone investor confidence has deteriorated sharply in February, causing further market fluctuations.
Financial stocks opened the day mixed before suffering over 4% losses for the big four banks in Europe. Societe Generale (SOGN), BNP Paribas (BNPP) and Commerzbank (CBKG) are down 5.16%, 4.59% and 4.89% respectively. Germany’s Deutsche Bank (DBKGn) surged in early morning trading by 4.84%, but quickly crashed down into negative territory, currently down 4.05% on the day.
The commodity sector in London has also suffered a loss, with the FTSE 100 down 1.22% on the day. Glencore (GLEN) continues to struggle, with the company’s stock plummeting 7.44%. Rio Tinto (RIO) stock lost 5.08%, and Antofagasta (ANTO) suffered a major loss of 8.45% on Tuesday.
Barclays (BARC) fell 5.22% while the Royal Bank of Scotland (RBS) and Lloyds Banking (LLOY) suffered over 2% losses on the day.