Europe shares end down 3.5 pct on euro-zone debt woes

LONDON, May 14 (BestGrowthStock) – European shares closed 3.5
percent lower on Friday, hammered by escalating concerns the
tough euro-zone austerity measures would slow growth in the
region.

The pan-European FTSEurofirst 300 (.FTEU3: ) index of top
shares provisionally closed down 3.5 percent at 1,013.31 points.

Banks took a beating, withthe STOXX Europe 600 banking
index (.SX7P: ) down around 5.3 percent. Spanish banks Banco
Santander (SAN.MC: ) and BBVA (BBVA.MC: ) fell 8.9 and 7.6 percent
respectively.

But despite Friday’s late sell-off, the index recorded a
weekly gain of about 4.7 percent after Monday’s sharp rally
triggered by the $1 trillion emergency rescue package to
stabilise the euro zone.

“We are seeing a lot of red. There are concerns about how
durable the euro zone plans will be,” said Peter Dixon,
economist at Commerzbank. “Ahead of the weekend investors do not
want to get caught out.”

French banks Credit Agricole (CAGR.PA: ) and Societe Generale
(SOGN.PA: ), which have significant exposure to Southern Europe,
lost 6.4 percent and 8.6 percent respectively.

Stock Market Investing

(Reporting by Joanne Frearson)

Europe shares end down 3.5 pct on euro-zone debt woes