European markets decline on German deadlock

European markets decline on German deadlock

On Tuesday, European markets headed south because a political deadlock in Germany kept weighing on investors' confidence.

The EURO STOXX 50 went down 0.10%, Germany’s DAX 30 dipped 0.09% and France’s CAC 40 sagged 0.01%.

Financial markets were jittery after on Sunday German Chancellor Angela Merkel didn’t cope with forming a government coalition, when the Free Democrats Party suddenly left the negotiation table. On Monday, Merkel told that she would opt for a new election rather than a minority government.

Financial stocks mostly gained, as French lenders BNP Paribas as well as Societe Generale tacked on 0.16% and 0.41% respectively. Besides this, Germany's Commerzbank and Deutsche Bank rallied 0.78% and 0.38% respectively.

As for peripheral lenders, Italy's Intesa Sanpaolo along with Unicredit gained respectively 0.14% and 0.30%, while Spanish banks Banco Santander and BBVA underperformed, with equities down respectively 0.07% and 0.77%.

FTSE 100 went down 0.12% in London.

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