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Banks, commods drag European stocks lower

Reuters – European shares closed lower on Tuesday in response to disappointing U.S. economic data, with banking and commodity stocks weighing the most on the main index.

”We have had a couple of macro figures which did not please the market. The U.S. labour costs and productivity figures are worrying … they simply mean that there are enormous constraints on the consumer who are supposed to bail us all out of this,” said Heino Ruland, strategist at Ruland Research.

”Industry is just slashing costs all over the place … it means final demand may not be strong enough,” he said.

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