- We're Not Greece: Italian Prime Minister Monti
- Private Homebuilders in the US: Dead Men Walking
- Dividend Payout Could Hit Record Amount This Year
- With Investors So Bullish, Stock Pullback Must Be Ahead
- Obama Likely to Call for Cutting Top Corporate Tax Rate
- New York Fashion Week Fall 2012
- NetNet: Why Saving Greece Could Destroy the World
- My Funny Valentine: When Love and the Fed Collide
- Is Bill Gross, PIMCO's Bond King, Losing His Touch?
- In Search of America's ‘Hottest Forecasters’
- Dow vs. S&P 500: Which is a Better Investment?
- Mick Fleetwood on the MP3 ‘Dumbing Down’ of Music
- Avis on the Road to Strong Growth: Analyst
- Private Homebuilders: Dead Men Walking
- LinkedIn’s Growth Is Already Priced In: Analyst
- The Real Reason Behind Bank of America’s Rally
- 5 Hedge Funds’ Top Stocks Soar After 2011 Rout
- This Valentine’s Day Love Is Served on a Silver Platter
MOST SHARED
- Greek Cabinet Approves EU, IMF Bailout Bill
- The Week Ahead: Sharp Eye on Greece
- Your First Move For Monday February 13th
- When Love and the Fed Collide
- Why Greece Will Default, Leave the Euro Zone
- How Rescuing Greece Could Destroy the World
- Cramer: 10 Earnings to Watch Next Week
- Obama Backs Down on Birth Control Plan
- Private Homebuilders: Dead Men Walking
- 2012: The Year of the Stock Picker
MOST POPULAR
HOT ON FACEBOOK
European Stocks Finish Mixed as Bank Worries Weigh
Text Size 
European stocks closed mixed under the weight of the impact of the global credit turmoil on the banking sector and with scattered good news from other sectors.
The London FTSE-100 [FTIND
Loading...
()
] was slightly higer, the Paris CAC-40 [CAC40-FR
Loading...
()
] was flat, and the Frankfurt DAX [DAX-XE
Loading...
()
] was slightly lower. The FTSE CNBC Global 300 [FCNBCG
Loading...
()
] was slightly higher.
U.S. stocks moved higher, led by technology stocks.
A Reuters report that Deutsche Bank could suffer a 1.7 billion euros ($2.40 billion) hit to its profit when it revalues loans following the recent subprime fallout dragged banking sector shares down in Europe, with other banks caught in the rumor mill.
Economists said that the German bank was strong enough to withstand the crisis.
"We're not talking about Northern Rock, let's give them (Deutsche Bank) some credit," Ralph Silver from Towergroup told "European Closing Bell." He said profits of all German banks were likely to be hit by between 5% and 7% because of the spillover from the U.S. subprime crisis.
"It's not just Deutsche Bank but all the German banking sector - it's hard to make a profit in Germany so they went to the U.S.," Silver added. Deutsche Bank shares closed 1.7% down.
U.K. Banks Lower
Meanwhile, the future of battered U.K. mortgage-lender Northern Rock appeared bleak as three leading hedge funds planned to break-up the bank, the Sunday Telegraph reported. Shares of Northern Rock fell 10.6%.
HSBC said Friday its U.S. subprime mortgage-unit was no longer sustainable and was due to be closed. Shares of the London-listed bank fell 0.5%.
Barclays also plans to shed its sub-prime consumer loan business FirstPlus at a loss to its book value, according to the UK’s Sunday Telegraph newspaper. Shares of the British bank closed over 3.3% lower.
Another company affected by weakness in the U.S. housing market is building materials group Wolseley, which is heavily exposed to the U.S. housing sector. The company reported results "broadly in-line" with expectations, but said the outlook for fiscal 2008 remained cautious. Shares fell 4.6%.
The mining sector was Monday's bright spot, with reports that BHP Billiton will soon unveil the world's largest gold resource sending the U.K. miner's shares nearly 6% higher, compared with the sector's 3.5% rise.
On Tuesday, investors are likely to look closely at crucial U.S. data on consumer confidence and the housing sector for signs on whether an end to the credit crisis is in sight.
- Marketing clichés aside, sometimes diamonds are for investing.
- The ‘Fast Money’ traders weigh in on fashion related stocks from apparel to footwear.
- This list of the 10 most active cities for speed traps was compiled by Trapster.com. See if your town is there.
- This Valentine’s Day should prove a love fest for restaurants, as many couples will be dining out.
- Here’s a look at Westminster Kennel Club’s most successful breeds—and how much they cost.
- What kind of homes do celebrity couples share? Here’s our updated list. Take a look.
Data is a real-time snapshot *Data is delayed at least 15 minutes
