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Euro Shares Sink to 14-Week Low

Reuters
Friday, 20 Jun 2008 | 11:49 AM ET

European stocks slumped on Friday, hitting their lowest close since March 17, amid ongoing worries about the financial industry, high oil prices and rising inflation.

Dutch-Belgian financial group Fortis fell 4.8 percent, British mortgage lender HBOS lost 4.2 percent, Swiss UBS shed 3.3 percent and Germany's Deutsche Bank dropped 3.1 percent.

The FTSEurofirst 300 index of top European shares closed uofficially 1.6 percent lower at 1,224.50 points.

It lost 3.4 percent over the week.

Erste Bank attributed the slide to high oil prices, persistent uncertainty stemming from the financial crisis, the strong euro and high inflation.

"Unless these essential parameters change, we expect a continued weak stock market performance," Erste said in a note.

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