European markets decline, led by banking scrips
European markets decline, led by banking scrips European markets declined for the first time in three days, led by banks, after Deutsche Bank said it will write down the value of leveraged loans and reduce hiring plans. Deutsche Bank shares touched its two weeks lows. France`s biggest bank, BNP Paribas, and UniCredit of Italy also declined. BT Group, Britain`s largest phone company, fell after Morgan Stanley downgraded the shares. Northern Rock declined 25% after the U.K. Treasury said it will not guarantee deposits set up from today at the lender. UK`s FTSE 100 declined 38.70 points, or 0.60%, to trade at 6,421.30. French benchmark index, CAC 40, fell 39.83 points, or 0.70%, to trade at 5,690.99. Germany`s DAX dropped 23.28 points, or 0.30%, to trade 7,727.56. Italy`s MILAN MIB30 dipped 376.00 points, or 0.93%, to trade at 39,918.00.
