MW: Europe stocks erase earlier gains, turn negative
By Barbara Kollmeyer
MADRID (MarketWatch) -- European stock markets turned broadly negative for the first time on Monday afternoon, as gains related to news of a rescue package for Ireland proved short-lived. Banks turned negative, with gains for drug and auto stocks supporting markets. Only the German DAX 30 index (DX:DAX 6,864, +20.24, +0.30%) was holding onto positive territory, up 0.3% to 6,883.90, helped by a nearly 3% rise for BMW AG (DE:BMW 58.37, +1.71, +3.02%) . The Stoxx Europe 600 index (ST:STOXX600 269.39, -0.11, -0.04%) fell 0.04% to 269.39, while the French CAC 40 index (FR:PX1 3,860, -0.50, -0.01%) fell 0.04% to 3,858.44, with shares of Societe Generale SA (FR:GLE 41.22, -0.64, -1.53%) down 1.6%. The FTSE 100 index (UK:UKX 5,722, -10.66, -0.19%) was flat at 261.70, with shares of Royal Bank of Scotland Group PLC (UK:RBS 40.50, -1.27, -3.04%) (RBS 13.40, -0.03, -0.22%) down 3.2% and Lloyds Banking Group PLC (UK:LLOY 65.42, -1.30, -1.95%) off 1.9%.
