European & Asian shares fall on worries over Spanish banks & US economy

BBC – European stock markets had a shaky start on Friday as concern continued over Greece and Spain. Spain’s main share index fell more than 2% before recovering, while shares in London fell by as much as 1%. Confidence in European banks was undermined by ratings agency Moody’s, which cut the credit ratings of 16 Spanish banks late on Thursday. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant. In Asia, stock markets registered heavy losses. Tokyo’s Nikkei average fell 3%, the biggest one day fall since last August. Asian markets were also hit by losses in New York, where the Dow Jones closed more than 1% lower. Investors were discouraged by two weak reports on the US economy. Read Article