Thursday May 8, 05:22 PM
Euroshares close lower as banking stocks fall, offsetting gains on Wall Street
LONDON (Thomson Financial) - Europe's leading exchanges closed lower as a slew of bad news in the banking sector and still-high oil prices continued to weigh, offsetting the rally in the U.S.
At the close, the DJ STOXX 50 was down 10.87 points or 0.33 percent at 3,275.63, while the DJ STOXX 600 was 0.07 points or 0.01 percent lower at 329.28 as the Bank of England kept rates unchanged at 5 percent.
In the U.S., the DJIA was up 57.7 points, or 0.45 percent, at 12,872.2 and the Nasdaq Composite (NASDAQ: news) was up 12.85 points, or 0.53 percent, at 2,451.41 as M&A hopes helped to lift the mood with Alcoa (NYSE: AA - news) up 2.5 percent on talk of a bid from U.K. mining group Xsrata. Less gloomy than feared retail sales data and falling oil prices also helped the U.S. markets recover from yesterday's losses.
After hitting a record of nearly $124 late Wednesday in electronic trading, crude dipped 98 cents to $122.55 a barrel on the New York Mercantile Exchange.
Brent crude, having touched a new record of 122.79 earlier, was trading at 122.20.
Back in Europe, banking stocks led the losers with a flurry of downbeat articles dragging UBS (Virt-X: UBSN.VX - news) 5.14 per cent lower.
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