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European Stocks Tumble as Greek Shares Fall to Lowest Since 1990

(Worthy News) - The rout fueled by concern over the strength of the economic recovery took European stocks to their lowest levels in more than a year, with Greek shares again suffering the most.

The Stoxx Europe 600 Index slid 3.5 percent to 314.36 at the close of trading and Greece’s ASE Index plunged to its lowest level since 1990. No industry or market in western Europe was spared. While Greek lenders extended a record low, banks in the region dropped to their lowest levels since 2012.

With a 7.9 percent plunge today, Greece’s ASE Index has once again become the year’s worst performer of 93 global equity gauges tracked by Bloomberg. While national benchmark gauges of Italy and Spain lost at least 4.4 percent, the slides weren’t limited to so-called peripheral regions. Germany’s DAX Index fell 3.3 percent to its lowest level since 2014. Commerzbank AG plunged 9.5 percent, the most in almost three years, after Keefe, Bruyette & Woods lowered its rating on the stock to the equivalent of a sell. [ Source ]