RTTNews - The European markets fell for the third day on Monday, as commodity and banking stocks slipped on concern about the pace of the global economic recovery following last week's disappointing reports on consumer confidence and unemployment.
Crude for for August delivery fell $2.43 to $64.30 a barrel on the New York Mercantile Exchange, by the time the European markets closed, as traders speculated that continued weakness in the economy would crimp energy demand.
The FTSEurofirst 300 index of pan-European blue chips closed 1.13% lower at 833.03 points, while the narrower DJ Stoxx 50 index fell 1.05% to 2,055.57 points.
Around Europe, the U.K.'s FTSE 100 index fell 0.98% to 4,194.91, while France's CAC 40 index slipped 1.20% to 3,082.16 and Germany's DAX index dropped 1.20% to 4,651.82.
Heavily weighted oil stocks lost ground after crude oil prices tumbled. BP, Europe's biggest oil company, dropped 3%, while Royal/Dutch Shell, the second biggest, slipped 2.1% and Total, the third biggest, fell 2%.
Similarly, mining stocks also slipped after base metals prices retreated. BHP Billiton, the world's biggest miner, fell 4.3%, while Anglo American, the second biggest, slid 5% and Rio Tinto, the third biggest, dropped 7%. Copper miner Antofagasta lost 4.2%.
Economy sensitive banking stocks were also among the major losers. Deutsche Bank, Germany's largest bank, slipped 3.2%, while BNP Paribas, France's largest, fell 1% and Royal Bank of Scotland, Britain's second biggest lender, dropped 2.9%.
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