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Monday: A new six-year low for European shares

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Monday: A new six-year low for European shares

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A day of volatile trade for European shares which started the session up but finished at a new six-year low.

At the time trading ended in Europe Wall Street was in the middle of a sell-off. That was due to investors uncertainty about the likely success of the US government’s latest bid to shore up beleaguered banks, including Citigroup. In Frankfurt, the DAX closed below 4,000 points for the first time since October 2004. Suffering particularly in Europe were carmakers and financial shares. Royal Bank of Scotland was an exception. It gained almost 10 percent on reports it was about to announce asset sales, cost cuts and thousands of layoffs.