LONDON: European shares fell early on Tuesday, July 12, extending losses into a third session, as euro zone politicians struggled to contain Greece's debt crisis and stop it spreading to Italy and Spain.
At 0708 GMT, the FTSEurofirst 300 index of top European shares was down 1.6 percent at 1,080.21 points, after falling 1.5 percent in the previous session, on renewed worries about the euro zone peripheral debt crisis.
The STOXX Europe 600 Banking Index fell 3 percent.
Italian banks Intesa SanPaolo and UniCredit fell 4.7 and 6.5 percent respectively, extending the sharp declines of recent days.
"The bears have it today. There's very little reason for the market to see any strength," Justin Urquhart Stewart, director at Seven Investment Management, said.
"A lot of people have been really shaken by this. They didn't expect the Italian thing to blow up quite so quickly."
Euro zone finance ministers promised cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain.
In Seoul, the Korea Composite Stock Price Index (KOSPI) fell 2.2 percent on Tuesday, the biggest daily fall in more than a month, as foreigners shifted to net selling and key exporters such as Hynix Semiconductor Inc plunged amid deepening concerns of a European debt crisis. "Investors have been looking for a cause to sell as the index saw steep gains in recent weeks. The eurozone issue was a timely call to reduce their exposure," said Chung Yoon-sik, a fund manager at ING Investment Management.
The KOSPI dropped for a third consecutive session to close at 2,109.73, its lowest close so far this month. It was the biggest daily percentage decline since May 26.
In Tokyo, the Nikkei average lost 1.4 percent on Tuesday in its biggest fall in a month, slipping below support at 10,000 as financial stocks tumbled on concern that the euro zone's debt woes may spread to Italy and over a stalemate in U.S. budget talks.
Energy stocks tumbled, tracking falls in Brent crude , with Japan's largest oil and gas developer Inpex Corp falling 4.6 percent to 584,000 yen, its biggest daily slide since a sell-off on May 6, while Japan's biggest commodity trader Mitsubishi Corp fell 1.9 percent to 2,032 yen. The benchmark Nikkei shed 143.61 points to close at 9,925.92, while the broader Topix index fell 1.5 percent to 857.19.
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At 0708 GMT, the FTSEurofirst 300 index of top European shares was down 1.6 percent at 1,080.21 points, after falling 1.5 percent in the previous session, on renewed worries about the euro zone peripheral debt crisis.
The STOXX Europe 600 Banking Index fell 3 percent.
Italian banks Intesa SanPaolo and UniCredit fell 4.7 and 6.5 percent respectively, extending the sharp declines of recent days.
"The bears have it today. There's very little reason for the market to see any strength," Justin Urquhart Stewart, director at Seven Investment Management, said.
"A lot of people have been really shaken by this. They didn't expect the Italian thing to blow up quite so quickly."
Euro zone finance ministers promised cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain.
In Seoul, the Korea Composite Stock Price Index (KOSPI) fell 2.2 percent on Tuesday, the biggest daily fall in more than a month, as foreigners shifted to net selling and key exporters such as Hynix Semiconductor Inc plunged amid deepening concerns of a European debt crisis. "Investors have been looking for a cause to sell as the index saw steep gains in recent weeks. The eurozone issue was a timely call to reduce their exposure," said Chung Yoon-sik, a fund manager at ING Investment Management.
The KOSPI dropped for a third consecutive session to close at 2,109.73, its lowest close so far this month. It was the biggest daily percentage decline since May 26.
In Tokyo, the Nikkei average lost 1.4 percent on Tuesday in its biggest fall in a month, slipping below support at 10,000 as financial stocks tumbled on concern that the euro zone's debt woes may spread to Italy and over a stalemate in U.S. budget talks.
Energy stocks tumbled, tracking falls in Brent crude , with Japan's largest oil and gas developer Inpex Corp falling 4.6 percent to 584,000 yen, its biggest daily slide since a sell-off on May 6, while Japan's biggest commodity trader Mitsubishi Corp fell 1.9 percent to 2,032 yen. The benchmark Nikkei shed 143.61 points to close at 9,925.92, while the broader Topix index fell 1.5 percent to 857.19.
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