This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HBC $0.00 0.00%
BCS $15.60 0.00%
CS $25.16 0.00%
LYG $4.77 0.00%
AAPL $110.78 0.00%


Chart of I:DJI
DOW 16,776.43 +304.06 1.85%
S&P 500 1,987.05 +35.69 1.83%
NASDAQ 4,781.2640 +73.4890 1.56%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs