European shares fall after U.K. government bank rescue plan

LONDON (MarketWatch) — European shares fell on Wednesday with investors eying a plan from the U.K. government to provide as much as 50 billion pounds of capital to British banks. U.K. banks were mixed, with HSBC Holdings reversing Tuesday’s strong performance to trade down 3%, while Royal Bank of Scotland , up 9.7%, HBOS , up 6.4%, and Lloyds TSB , up 4.3, took back some of the previous session’s steep losses. Continental banks were under pressure with Deutsche Bank down 7.4% and ING falling 10.3%. Overall, the U.K. FTSE 100 index fell 2% to 4,511.63, the German DAX 30 index lost 3.5% to 5,138.10 and the French CAC-40 index dropped 3.8% to 3,591.58.
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Original post by Forextvblog

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