European equities hit by Bradford & Bingley news

0 Comments | AFP, June, 2008

LONDON (AFP) — European stocks fell Monday as credit-crunch concerns resurfaced in the banking sector after Britain's Bradford & Bingley warned on profits and agreed to a US cash boost, dealers said.

London's FTSE 100 index of leading shares sank 0.93 percent to 5,996.90 points in late morning trade. Frankfurt's DAX 30 index shed 1.10 percent to 7,018.50 points and the Paris CAC 40 index dropped 1.49 percent to 4,939.51.

The Euro Stoxx 50 index of top eurozone shares lost 1.27 percent to 3,729.87 points.

The European single currency stood at 1.5550 dollars.

In London on Monday, shares in British bank Bradford & Bingley dived by more than a fifth after it warned that increasing levels of unpaid debt had slashed profits this year.

Bradford &...