MW: Europe stocks tumble 2.1%, Spanish yields surge
By Sara Sjolin
LONDON (MarketWatch) -- European stock markets tumbled on Wednesday, as steep losses for banks and resource firms weighed on sentiment, while a lackluster auction in Spain spurred sovereign-debt concerns around the euro zone. Ahead of final settlement, the Stoxx Europe 600 index XX:SXXP -2.19% was 2.1% lower at 258.76, its lowest closing price in almost a month. The Spanish IBEX 35 index XX:IBEX -2.09% was down 2.1% at 7,660.70, while yields on 10-year Spanish government bonds ES:10YR_ESP +4.58% surged 24 basis points to 5.65%. The DAX 30 index DX:DAX -2.98% lost 3% to 6,773.94 as Deutshce Lufthansa AG DE:LHA -4.45% slipped 4.6% and Commerzbank AG DE:CBK -3.18% gave up 3.5%. The FTSE 100 index UK:UKX -2.53% slumped 2.3% to 5,703.77. Resource firms added the most pressure after oil futures traded around their lowest level since mid-February. In France, the CAC 40 index FR:PX1 -2.81% lost 2.7% to 3,313.47, with Credit Agricole SA FR:ACA -4.24% off 5.2% and Peugeot SA FR:UG -6.25% down 5.8%.
