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European stocks dropped, for the Stoxx Europe 600 Index’s biggest plunge in four weeks, as the announcement of a Greek referendum spurred concern that the country may default. U.S. futures and Asian shares retreated.
Credit Suisse Group AG (CSGN) plunged 8.6 percent, leading a selloff in lenders, after the Swiss bank reported earnings that missed analysts’ estimates. Danske Bank A/S slumped 7.1 percent after Denmark’s largest lender posted an unexpected loss. Mining companies tumbled after a gauge of Chinese manufacturing dropped to the lowest level since February 2009.
The Stoxx 600 slid 3 percent to 236.29 at 8:29 a.m. in London, extending yesterday’s 2.2 percent selloff. Futures contracts on the Standard & Poor’s 500 Index lost 1.8 percent and the MSCI Asia Pacific Index tumbled 2.1 percent.
“Pessimism over the outlook for resolving the European debt crisis continues to mount,” said Peter Stanhope, an institutional trader at IG Markets in Melbourne. “Greece has shocked markets with the announcement of a referendum. With more elements adding to uncertainty like this, it seems likely that the turbulent market conditions will prevail.”
European stocks slid the most since Oct. 4 yesterday, paring the Stoxx 600’s biggest monthly advance since 2009, as investors awaited details on how Europe will fund its expanded bailout facility.
European Stocks Sink on Greek Referendum - Bloomberg
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