European Markets Suffer Steep Losses
European markets closed down today, marking the worst three-day selloff for the markets since February.
In London, the FTSE 100 was seemingly suffering from a long-weekend hangover, closing 0.9% down at 6,185.59. The market was pulled down by miners after China announced a slowdown in manufacturing for the14th consecutive month.
Anglo American lost 12.8% today, followed by Glencore, which lost more than 8%. Glencore announced today after the market closed that it was putting its biggest gold mine up for sale. The mine that in Kazakhstan could be worth up to $2 billion.
In Frankfurt, the Dax closed 1.94% down at 9,926.77 and the Cac 40 was down 1.59% in Paris, closing at 4,371.98.
European banks took a big hit today.
UBS (UBS) - Get Report closed more than 7% down in Zurich after a disappointing turnout from its wealth management division pushed first-quarter net profit down more than expected. Wealth management is the bank's favored unit as, in common with many European peers, it pares back its investment banking operations.
In Frankfurt, Commerzbank (CRZBY) plunged, closing the day 9% down after reporting a more-than-halving of first-quarter profit.
In London, HSBC had a rollercoaster day, closing 1.7% down. The bank today announced a 14% drop in quarterly profit from the same time last year.
