Bundled securities tracking overseas markets suffered some of the steepest declines of Thursday's session, after French bank
BNP Paribas said it has suspended three of its funds that have exposure to U.S. credit markets due to the inability to accurately value the hedge funds.
Worries about the possible spread of subprime problems were punishing European bourses. Paris' CAC 40 was losing 2.1%, Germany's Xetra Dax was down 1.8%, and London's FTSE 100 was falling 1.7%.
iShares MSCI Belgium Index
(EWK) was lower by 96 cents, or 3.7%, to $25.63. The
iShares MSCI Netherlands Index
(EWN) was falling 99 cents, or 3.2%, to $29.64. The
Vanguard Emerging Markets Stock
(VWO) ETF was losing $3.33, or 3.5%, to $92.07.
ETFs related to lenders and banks were also suffering in the wake of BNP Paribas' news.
(BSC) all slid by 3% or more.
ETF was shedding $1.80, or 3.3%, to $52.64. The
Regional Bank HOLDRs
lost $4.39, or 2.9%, to $146.49. The
iShares Dow Jones U.S. Financial Services
was down $3.78, or 3%, to $121.48. The
Financial Select Sector SPDR
slid 94 cents, or 2.7%, to $33.81.
Silver-related ETFs also lost ground, as silver futures tumbled 37 cents to $12.80 an ounce. The
iShares Silver Trust
was sliding by $4.13, or 3.2%, to $126.41. The
PowerShares DB Silver
was falling by 84 cents, or 3.2%, to $25.
United States Natural Gas
ETF was jumping 4.5% as natural gas prices jumped 33 cents to $6.55 per million British thermal units. The gain comes after the Energy Department said that natural gas inventories rose by 42 billion cubic feet last week. The ETF was adding $1.79 to $41.48.
Bundled securities tracking real estate were also higher. The
iShares FTSE NAREIT Residential
was higher by $1.90, or 4.2%, to $46.73. The
Ultra Real Estate ProShares
was gaining 62 cents, or 1.4%, to $46.03. The
iShares Dow Jones U.S. Real Estate
was up 54 cents, or 0.7%, to $75.14.