European stock markets, Credit Suisse plunged november 1 2011

European stock markets, Credit Suisse plunged november 1 2011 : European stock markets extended losses on Tuesday, after Greek Prime Minister George Papandreou called a referendum on the new aid package fanning fears over the debt crisis in the euro zone.

During European afternoon trade, the EURO STOXX 50 plummeted 5.44%, France’s CAC 40 tumbled 5.26%, while Germany’s DAX 30 plunged 5.76%.

European stocks continued to fall amid fears that Greece could move closer to a sovereign default, increasing the risk of contagion in global financial markets, if the vote on the bailout deal is rejected.

The financial sector extended losses as shares in France's Societe Generale plunged 17.71% and BNP Paribas plummeted 11.93%, while German lender Deutsche Bank tumbled 10.27%.

Peripheral banks were also broadly hit, led by Italian lenders as Unicredit shares sank 11.567% and Intesa Sanpaolo plummeted 14.02%, while Spain's BBVA and Banco Santander dropped 6.43% and 5.46% respectively.

Meanwhile, Credit Suisse plunged 6.12% after announcing 1,500 job cuts and said it was slashing risk-related assets in fixed income as it reported poor third-quarter earnings at its investment bank.

Elsewhere, Imperial Tobacco, the world's fourth biggest cigarette group, was down 0.88% after the ending of a price war in Spain and as the firm matched forecasts with a 5.1% rise in annual earnings.
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