European markets fall, led by Northern Rock
European markets fall, led by Northern Rock European market declined on Monday (Sep. 17, 2007) after the customers withdrew their deposits from the U.K. mortgage lender, Northern Rock, as the Bank of England cuts its recommendation on the bank last week. Since Sep. 14, 2007 savers removed at least GBP 2 billion (USD 4 billion). Bradford and Bingley and Alliance and Leicester declined after Citigroup downgraded rating on bank`s shares. Grupo Ferrovial of Spain lost the most among construction-related companies on concern that global economy will slowdown, which will reduce demand for building. UK`s FTSE 100 declined 95.90 points, or 1.52%, to trade at 6,193.40. French benchmark index CAC 40 fell 91.86 points, or 1.66%, to trade at 5,447.06. Germany`s DAX dropped 7.44 points, or 0.10%, to trade at 7,490.30. Italy`s MILAN MIB30 went down 355.00 points, or 0.91%, to trade at 38,703.00.
