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European Stocks Hit 10-Month Low

NEW YORK ( TheStreet) -- European stocks that brushed off bailouts in Ireland, Portugal and Greece hit a 10-month low Tuesday, reflecting a mix of poor economic data coming from the U.S., sluggish growth and a sovereign debt crisis that just won't go away.

The Stoxx Europe 600 Index retreated 1.4% to 258.44 in London on Tuesday, the lowest level since Oct. 5 on foot of several earnings reports that missed analysts' estimates. Meanwhile, 10-year benchmark bond yields in Italy and Spain -- the two eurozone countries now seen to pose the greatest threat to Europe's financial stability - remain above the psychological barrier of 6%, as markets refuse to accept that Europe's debt crisis has been solved.

Both benchmarks breached 6% for the first time in July. The three eurozone countries that have so far been bailed out -- Greece, Ireland and Portugal -- all issued their most recent 10-year bonds at yields of between 6% and 7%.

Adding to Europe's woes, a raft of European banks announced sweeping job cuts in the past week. Barclays (BCS) announced a further 1,600 jobs cuts Tuesday, on top of the 1,400 jobs already lost this year. HSBC (HBC) announced up to 30,000 layoffs Monday. It followed the news that Lloyds (LYG - Get Report) would cut 15,000 jobs, while Credit Suisse (CS - Get Report) plans to cut 2,000 jobs.

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HBC $0.00 0.00%
BCS $10.08 0.30%
CS $15.25 0.26%
LYG $4.04 1.30%
AAPL $93.66 -0.09%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

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