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Thursday 28th May

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Thursday 28th May

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European shares finished the day almost one percent lower after three straight days of gains. They were dragged down by worries that mounting government debts to fund economy stimulus packages could raise borrowing costs for companies.

Financial stocks were among the biggest losers, with Deutsche Bank, Barclays, Credit Suisse, HSBC, Lloyds, Natixis and Swedbank all lower. The uncertainty over Opel took a toll on Europe’s carmakers including BMW, Daimler, Porsche, Volkswagen, Peugeot, Renault and Fiat. Miners also lost ground. Investors ignored signs that the recession may be easing in the US as orders for durable goods there rose more than economists had forecast in April and fewer Americans put in claims for unemployment benefits last week.