Northern Rock woes put end to European gains
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A solid run of gains for European stocks juddered to a halt Friday as the problems at UK mortgage lender Northern Rock undermined confidence in the wider European banking sector.
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European equities ended a seven-session rally on Tuesday, reflecting losses on Wall Street overnight as investors resorted to some profit-taking amid weak US housing data.
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UK blue-chips closed lower Tuesday after a turn-around in fortunes among listed resource stocks amid weaker commodity prices, with Northern Rock disappointing investors by succumbing to pressure from the FSA to withhold its dividend.
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European stock markets end the week with the FTSE, Dax and Cac losing 2.6%, 4.6% and 5.0% respectively.
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European equity markets were choppy in the face of deepening US recession fears, with banking stocks providing the biggest drag.
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London equities fell sharply on Thursday with banks in the vanguard of the sell off after HBOS and Northern Rock revealed the extent of their credit market writedowns.
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Business & money: The government yesterday handed Northern Rock a further lifeline as it struggled to keep the stricken bank afloat and push through a private sale
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The FTSE 100 gave up some of the previous day's gains as dealers looked ahead to the US interest rate decision later on Wednesday.
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Europe's main stock markets fell in shortened trade on Monday -- the final dealing day of a year in which gains for equities have been curtailed by worries about the troubled US economy.
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European equities were lower on Thursday as gains in the energy sector were offset by losses for financial services stocks.
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The European banking sector continued to be hammered on Monday. Shares in French, German and Swiss banks were the hardest hit, but even Spanish and Italian institutions with minimal US subprime exposure could not escape.
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European equity markets slid sharply on Thursday as investors shrugged off the combined action by central banks to improve liquidity in the global banking system.
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Britain's financial authorities stepped in to rescue mortgage lender Northern Rock  on Friday as the group, which has lent aggressively to home buyers, fell victim to the sharp rise in borrowing costs between banks.
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Shares in Northern Rock dropped 40 percent to a 7-year low in London after customers reportedly withdrew at least Â£2 billion, or $4 billion.
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European equities fell on Thursday as investors considered the impact of near-term eurozone interest rate increases and mulled a mixed set of corporate earnings.
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European equity markets fell on Thursday, surrendering some of the previous session&#39;s gains, amid ongoing concerns about the fallout from the credit crisis on the banking sector.
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Europe&#39;s main stock markets lost ground as investors booked hefty profits they&#39;d won the previous day, dealers said Thursday.