European stock markets summary monday august 8 2011

Indonesia stock info - European stock markets summary monday august 8 2011 ; European stock markets ended sharply lower Monday as the first-ever downgrade of the U.S. credit rating sapped confidence in most sectors and sent Germany's blue-chip index down 5%. The pan-European Stoxx 600 index dropped 4.1% to close at 228.98, bringing its monthly losses to nearly 14%, after Standard & Poor's late Friday cut its rating on the U.S. to AA-plus from AAA, and said the outlook was negative.

The German DAX 30 index, heavily weighted toward automotive and industrial stocks, performed the worst of the major indexes, tumbling 5% to close at 5,923.27. Car makers BMW AG and Daimler AG fell 8.8% and 7.1%, respectively. Steel maker ThyssenKrupp AG sank 9.6%.

Meanwhile, Russia's RTS stock index dropped 7.8% to 1,657.77, as falling oil prices hit the heavily represented energy sector. In Greece, the ASE Composite index tumbled 6% to 998.24, including a 5% drop for EFG Eurobank Ergasias SA. Monday's decline for the Stoxx 600 added to a 9.9% drop last week its worst since late November 2008.

The Stoxx 600 index had initially gained as much as 0.8% Monday morning as investors welcomed the European Central Bank's move to snap up sovereign bonds, which helped send yields on Spanish and Italian debt sharply lower. However, the gains for stocks were swiftly erased as worries over growth and the impact of the U.S. downgrade weighed heavily on cyclical stocks such as miners, technology firms and car makers.

In Europe, shares of PSA Peugeot Citroen slumped 9.1% in Paris after Morgan Stanley downgraded the stock two notches to underweight from overweight. Rival Renault SA fell 9.3%, helping pull the French CAC 40 index down 4.7% to close at 3,125.19. Spain's IBEX 35 index slipped 2.4% to 8,459.40, as shares of Banco Santander fell 1.2%.

Many banks, which had rallied sharply on the European Central Bank's buying swiftly lost ground, including ING Group, shares of which fell 8.3% in Amsterdam. In Italy, the FTSE MIB index dropped 2.4% to 15,639.75, with shares of Fiat Industrial SpA down 11%. In London, the FTSE 100 index fell 3.4% to settle at 5,068.95, including a 6.5% drop for mining giant Rio Tinto PLC.

Germany's blue-chip index august 8 2011, pan-European Stoxx 600 index august 8 2011, Russia's RTS stock index, ASE Composite index, German DAX 30 index, Stoxx 600 index , PSA Peugeot Citroen , French CAC 40 index, Fiat Industrial SpA,

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