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Banks and technology pull down European markets


Banks and technology pull down European markets


European shares finished the session down on Thursday after having earlier been boosted by unexpected news of a British shopping spree last month with UK retail sales soaring in May by 3.5%.

Among the negative influences – Citigroup’s chief financial officer warning of more subprime mortgage-related write-downs at the bank and disappointing manufacturing figures from the US.

Banks were big losers. HBOS fell 7% as it warning of a 1.25 billion euro writedown in its first half as a fall in house prices put pressure on bad debts.

Technology stocks fell sharply amid rumours of a profit warning at semiconductor equipment maker ASML.

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