RTTNews - The European markets fell on Tuesday, as banking stocks slipped after UBS reported its third straight quarterly loss and Standard Chartered unveiled a surprise ï¿½1 billion share sale.
The National Association of Realtors in the U.S. said that the pending home sales index jumped 3.6% to 94.6 in June from an upwardly revised reading of 91.3 in May. Economists had been expecting a much more modest increase of about 0.7%.
The FSTEurofirst 300 index of pan-European blue chips closed 0.24% lower at 939.67 points, while the narrower DJ Stoxx 50 index fell 0.16% to 2,324.42 points.
Around Europe, the U.K.'s FTSE 100 index slipped 0.24% to 4,671.37, while France's CAC 40 index declined 0.04% to 3,476.37 and Germany's DAX index fell 0.18% to 5,417.02.
UBS, Switzerland's largest bank, dropped 4.3% after the company reported a wider second quarter loss and its chief executive said the bank will see further withdrawals by wealthy clients.
Asia focused bank Standard Chartered lost 7.5% after the company unveiled a ï¿½1 billion share share, though it reported higher profit for the first half of 2009.
Legal & General, Britain's second biggest insurer, slipped 4.8% after its first-half operating profit fell from last year and missed analysts' estimate.
BMW, the world's largest maker of luxury cars, fell 1.7% after the company reported a 76% drop in second quarter profit.
Mining stocks edged lower after metals prices retreated. BHP Billiton, the world's biggest miner, fell 0.7%, while Anglo American, the second biggest, slipped 2.6% and Rio Tinto, the third biggest, declined 1.5%. Copper miner Antofagasta lost 4.4%.
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