LONDON — Europe’s stock markets continued their downward slide on Monday, closing down in the mid-single digits with Britain’s banks under pressure and continued worries about debt levels in the Euro zone.
London’s FTSE 100 closed down 3.58 percent; Milan’s FTSE MIB was down 4.83 percent; Paris’ CAC 40 slid 4.73 percent; and Frankfurt’s DAX fell 5.28 percent, after a dismal start to the day.
Earlier in the day, the Nikkei 225 in Tokyo closed down 1.9 percent and the Hang Seng Index in Hong Kong closed down 3 percent.
Lack of growth in the U.S. jobs sector, which the Labor Department announced last week, continued to haunt markets while banking shares in the U.K. came under pressure from a looming lawsuit in the U.S. and the possibility of downgrades from Moody’s. U.S. equity markets were closed Monday for Labor Day.
Also on Monday, Britain’s BDO High Street Sales Tracker, announced that August was the worst month for same-store sales on the British high street in the past two years.
Luxury and retail shares fell across the board, with Hugo Boss sliding 7.02 percent; Ferragamo down 8.01 percent; LVMH falling 4.51 percent; Tod’s shrinking 3.96 percent; and Burberry Group falling 4.40 percent.