Thursday, 4 August 2011

European Stocks Drop Most Since March on Concern U.S. Growth Is Faltering


By Corinne Gretler - Aug 4, 2011 4:17 AM GMT+1200


European stocks sank the most in fourth months, extending an 11-month low, amid concern the U.S. recovery is faltering and the world’s largest economy may lose its top credit rating.

Societe Generale SA, France’s second-largest bank, tumbled 9 percent after the company reported second-quarter results that missed analysts’ estimates. Cairn Energy Plc (CNE) fell 5.1 after abandoning an oil well off Greenland. UPM-Kymmene Oyj (UPM1V) slumped 9.3 percent, its biggest decline in eight years.

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