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Bank shares under pressure as debt fears persist Bank shares under pressure as debt fears persist
(40 minutes later)
European stock markets opened little changed, although bank shares were under pressure on continuing concerns about the eurozone debt crisis. European bank shares fell on Tuesday as the initial optimism that greeted the Spanish bailout continued to evaporate.
Despite Asian markets closing down, Europe's main stock exchanges began the day slightly higher, with the FTSE 100 and Germany's Dax about up 0.2%. Although Europe's main bourses opened slightly higher, Barclays fell 3.8%, while RBS and Lloyds were about 2% off.
Spain's Ibex market opened down 0.2%, although banks Santander and BBVA were down 1.3% and 0.9% respectively. Despite Asian markets closing down, the FTSE 100, Germany's Dax, and France's CAC indexes, began the day up 0.2%.
Spain's Ibex market opened down 0.2%, but banks Santander and BBVA were down 1.3% and 0.9% respectively following dowgrades by ratings agency Fitch.
In Asia, the Nikkei 225 index fell 1% while the Hang Seng index dropped 0.6%.In Asia, the Nikkei 225 index fell 1% while the Hang Seng index dropped 0.6%.
On Tuesday, Spanish 10-year bond yields hit 6.6%, while 10-year Italian bond yields rose to 6.17%, the highest since January. Later on Tuesday, Greece is due to raise money on the bond markets, which could give an indication of sentiment in the financial markets.On Tuesday, Spanish 10-year bond yields hit 6.6%, while 10-year Italian bond yields rose to 6.17%, the highest since January. Later on Tuesday, Greece is due to raise money on the bond markets, which could give an indication of sentiment in the financial markets.
After an initial relief rally following the bailout of Spanish banks, analysts said the markets have returned to a mood of caution.After an initial relief rally following the bailout of Spanish banks, analysts said the markets have returned to a mood of caution.
"This is a realisation that Spain, while providing money for its banks, is going to add to its debt-to-GDP ratio," said Paul Zemsky, head of asset allocation at ING Investment Management."This is a realisation that Spain, while providing money for its banks, is going to add to its debt-to-GDP ratio," said Paul Zemsky, head of asset allocation at ING Investment Management.
"They're borrowing more money, not doing anything about growth," he added."They're borrowing more money, not doing anything about growth," he added.
"Today we're not worried about Spain's banking system falling off a cliff, but other than that, nothing's changed.""Today we're not worried about Spain's banking system falling off a cliff, but other than that, nothing's changed."
'Too little too late''Too little too late'
While the eurozone debt crisis has been a cause of concern for some time, it has so far affected relatively smaller economies such as Greece and Portugal.While the eurozone debt crisis has been a cause of concern for some time, it has so far affected relatively smaller economies such as Greece and Portugal.
However, as the crisis spreads to bigger nations such as Spain and Italy, there are fears that growth in the region may slow even further.However, as the crisis spreads to bigger nations such as Spain and Italy, there are fears that growth in the region may slow even further.
Analysts said that this was one reason why stock markets in the US and Europe fell on Monday, despite the initial euphoria over the 100bn-euro ($125bn; £80bn) bailout of Spain's banks announced over the weekend.Analysts said that this was one reason why stock markets in the US and Europe fell on Monday, despite the initial euphoria over the 100bn-euro ($125bn; £80bn) bailout of Spain's banks announced over the weekend.
On Monday, New York's Dow Jones share index fell 1.1%, while in Europe London's FTSE 100 closed down 2.7 points. The French and German indexes were little changed.On Monday, New York's Dow Jones share index fell 1.1%, while in Europe London's FTSE 100 closed down 2.7 points. The French and German indexes were little changed.
"The eurozone crisis needs much more than short-term measures - but all the investors are seeing is political infighting rather than a collective long-term plan," Justin Harper of IG Markets told the BBC."The eurozone crisis needs much more than short-term measures - but all the investors are seeing is political infighting rather than a collective long-term plan," Justin Harper of IG Markets told the BBC.
"The European policy makers are slow to react to the issues. They are doing too little, too late.""The European policy makers are slow to react to the issues. They are doing too little, too late."
Broader fallsBroader falls
Oil prices fell further in Asian trade after declining in New York on Monday.Oil prices fell further in Asian trade after declining in New York on Monday.
Brent Crude dropped almost 1% in early trade to as low as $96.62 a barrel. US light crude fell $1.15 to $81.55 a barrel.Brent Crude dropped almost 1% in early trade to as low as $96.62 a barrel. US light crude fell $1.15 to $81.55 a barrel.
Analysts said the latest fears arising from the eurozone had added to worries about a global slowdown, hurting demand for oil.Analysts said the latest fears arising from the eurozone had added to worries about a global slowdown, hurting demand for oil.
They said that a fragile recovery in the US coupled with slowing growth in emerging markets such as China and India had hit investor sentiment.They said that a fragile recovery in the US coupled with slowing growth in emerging markets such as China and India had hit investor sentiment.
"It is a continued set of bad news from all across the globe, and we have been belted with it for months on end without any let up," said David Lennox, a resources analysts with Fat Prophets in Sydney."It is a continued set of bad news from all across the globe, and we have been belted with it for months on end without any let up," said David Lennox, a resources analysts with Fat Prophets in Sydney.
Mr Lennox added that if global economic uncertainty continues and oil production levels remain the same, prices may fall even further.Mr Lennox added that if global economic uncertainty continues and oil production levels remain the same, prices may fall even further.