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Markets: 16th October

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Markets: 16th October

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European shares finished down 1.5 percent after having earlier hit a one-year high thanks to better than expected earnings from IBM and Google.

The sell-off followed disappointing third-quarter results from Bank of America and General Electric .. the biggest US conglomerate,which makes everything from jet engines to fridges to TV programmes. Investors were also concerned by a survey showing sentiment weakened among US consumers. Financials were the top losers in Europe, with Deutsche Bank, Commerzbank, BNP Paribas, Societe Generale and HSBC falling two to three percent. Oil prices retreated,snapping a seven-day winning streak,as the demand outlook dimmed slightly while metal prices also fell, hurting mining stocks.