Business World

Wednesday 27 August 2014

European shares turn negative on bank settlement report

Published 29/01/2013 | 10:30

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Italian stock market slump drags down Europe

EUROPEAN equities turned negative on Tuesday, with Royal Bank of Scotland leading European banks lower after a media report that the British bank was close to a settlement over Libor interest-rate rigging allegations.

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The market also came under pressure from weaker tech stocks , down 0.5pc, with Germany's Software AG falling 14.5pc after saying it expected 2013 earnings per share to be down from the previous year.

RBS dropped 5.3pc on a Wall Street Journal report, citing people briefed on the negotiations, that the bank was nearing a £500m settlement with U.S. and British authorities over claims some of its employees submitted false Libor rates.

The STOXX Europe 600 banking index fell 1pc, the top sectoral faller, while the FTSEurofirst 300 index of top European shares was down 0.1pc at 1053 GMT after opening higher.

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