European shares ended the day down over five percent.
The financial sector suffered from Spain having to rescue a bank and the collapse over the weekend of the Dunfermline Building Society, a British mortgage lender. It was not helped by the US Treasury Secretary Timothy Geithner saying some banks there will need “large amounts” of help. Barclays lost over 13 percent on a report that it will not take part in a British government asset insurance scheme. Oil’s dipped below 50 dollars a barrel pressured by a stronger US dollar and falling shares. The spectre of bankruptcy for major US carmakers General Motors and Chrysler had a negative effect on their European counterparts.