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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap European shares, euro slump as ECB warns over banks AFP - Wednesday, June 2 Send IM Story Print European shares, euro slump as ECB warns over banks LONDON (AFP) - – European shares fell heavily on Tuesday after an ECB warning of new bank writedowns added to anxiety about deficits and debt in eurozone countries, and the euro was also weak. But the dollar rose on its status as a safe-haven from jitters over Israel's deadly Gaza ship raid. Markets were also rattled by fresh data which indicated that China's economy could be slowing down, raising concerns for the global recovery. In early afternoon trading in London, the FTSE-100 index of leading British shares showed a loss of 1.95 percent as BP shares plunged 15.13 percent to 419.92 pence after the company's latest attempt to fix the US oil spill disaster failed. In Paris the main CAC-40 index showed a fall of 2.09 percent and in Frankfurt the DAX index of leading German stocks was down 1.76 percent at 5,859.20 points. In Madrid the Spanish Ibex-35 index, which has suffered heavy losses recently over concerns about Spain's debt and the country's embattled savings banks, fell by 2.99 percent. In foreign exchange trading on Tuesday, the euro slid to 1.2111 dollars -- touching a level last seen on April 14, 2006. It later pulled back to 1.2140, down from 1.2305 late in New York on Monday. Banks led the way lower after the European Central Bank had suggested that eurozone banks might have to reduce the value of their assets by a total of 195 billion euros (240 billion dollars) by 2011. The ECB said in its twice-yearly Financial Stability Review that banks faced several challenges, including exposure to a weakening commercial real estate market, hundreds of billions of euros in bad debts, and a possible competition for refinancing with governments with swollen sovereign debt. Banks would need to refinance long-term debt of around 800 billion euros (980 billion dollars) by the end of 2012, the central bank noted. With governments competing in the bond market, "this raises the risk of bank bond issuance being crowded out, thereby heightening roll-over risks, which are sizeable for some institutions," the report said. It also noted some unidentified banks remained dependent on the ECB for loans. "The continued reliance of some smaller or medium-sized euro area banks on central bank refinancing continues to be a cause for concern," the report said. "Nothing but bad news continues for the eurozone," IG Index analyst David Jones told AFP. Jones added that the US dollar was also benefiting from its safe haven status after Israel's deadly navy raid on an international aid convoy heading for Gaza. "The raid on the Gaza-bound ships by Israel over the weekend has ratcheted up once again the nerves of international investors which were already on edge following increased tensions between North and South Korea," said Jones. In Frankfurt, Deutsche Bank was down by 3.17 percent at 46.86 euros, and Commerzbank was off by 3.42 percent at 5.61 euros. In Paris, the price of stock in Societe Generale bank fell by 4.73 percent to 33.155 euros and in Credit Agricole by 4.17 percent to 8.507 euros. Shares in Santander, the biggest Spanish bank, fell by 3.72 percent to 8.015 euros while BBVA, the country's second-biggest bank, shed 4.52 euros percent to 8.135 euros. In London, shares in British energy giant nosedived 15.13 percent after its latest setback trying to plug the spilling undersea oil well in the Gulf of Mexico. One rare stock to make gains in Europe was British insurer Prudential which gained 4.25 percent to 564.06 pence after investors welcomed a blow to its huge takeover of US insurer AIG's Asian unit AIA. Earlier AIG said it had rejected Prudential's request to cut the takeover price for its Asian unit, threatening the deal already facing a shareholder revolt over concerns it is too expensive. "The markets clearly believe the deal that would have seen Prudential make its largest ever acquisition and that would be accompanied by a record breaking rights issue is dead in the water," said analyst Howard Wheeldon at BGC Partners. "By rejecting Prudentials request to cut the agreed 35.5-billion-dollar ticket price of AIA Group assets it seems to me that, inadvertently or not, AIG has decided also that it is not prepared to be involved saving the career of Prudential CEO Tidjane Thiam," he added. However, Asian markets also sank on Tuesday after official data showed China's purchasing managers index (PMI) had slipped in May to 53.9 from 55.7 in April. A separate PMI study by HSBC revealed a drop to 52.7 from a revised 55.2 the previous month. A reading above 50 means the sector is expanding, while below 50 indicates an overall decline. The Hong Kong stock market tumbled 1.36 percent, Tokyo's Nikkei fell 0.58 percent and Shanghai shed 0.92 percent. The figures follow a number of measures announced by Beijing aimed at cooling the country's blistering growth -- it expanded 11.9 percent in the March quarter -- including tightening lending by banks. "Investors around the globe still look to China to lead the global recovery and whenever there's a bit of poor economic data from them it usually leads to a sell-off in equities," said Capital Spreads analyst Simon Denham. 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