European markets open negative
European markets open negative European stocks opened negative on Monday (Sep. 17, 2007) as global credit crisis continued to escalate. The banking sector was the worst hit. Investors traded cautiously ahead of the U.S. Fed Reserve rate decision which is due on Tuesday (Sep. 18, 2007). Northern Rock, the U.K. mortgage lender which was bailed out by the Bank of England last week, tumbled in the opening sessions. UK`s FTSE 100 declined 96.00 points, or 1.53%, to trade at 6,193.30. French benchmark index CAC 40 fell 81.31 points, or 1.47%, to trade at 5,457.61. Germany`s DAX dropped 42.75 points, or 0.57%, to trade at 7,454.99. Italy`s MILAN MIB30 went down 460.00 points, or 1.18%, to trade at 38,598.00.
Deutsche Bank , Bradford & Bingley and Alliance & Leicester also fell after Citigroup downgraded the rating on banks.
