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European markets fall on US confidence figures

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European markets fall on US confidence figures

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Weaker than expected consumer confidence in the US weighed on European markets, underlining some analysts fears that hopes of recovery are somewhat premature.

Banks led the downward trend in Europe’s main markets. London, Frankfurt and Paris were all down between between one and two percent. New data shows US consumer confidence fell in June after two straight months of gains, confounding expectations. That rattled the banks stocks. Deutsche Bank, HSBC and Societe Generale were down between around 1.5 and 2.5 percent. Oil prices also took a more than 3 percent tumble, bringing energy shares down.