ROME: Europe’s benchmark stock index dropped for the first time in six sessions on Tuesday, with Greek stocks remaining under sharp selling pressure on their second trading day after the market reopen.
The Stoxx Europe 600 index SXXP, -0.35% lost 0.4% to 397.92, after closing at its highest level since July 22 on Monday.
Greek weakness: Greece’s Athex Composite index GD, -1.54% slumped 3.8% to 643.04, setting it on track for the lowest close since Aug. 2012. The benchmark started trading for the first time in five weeks on Monday, after being halted for all of July while the Greek government and its international creditors hammered out a last-ditch bailout deal.
The country’s banks were hardest hit on the stock exchange, with shares of National Bank of Greece SA ETE, -22.98% down 27%, Piraeus Bank SA TPEIR, -30.00% off 30% and Alpha Bank AE ALPHA, -29.65% 30% lower.
Banks across the rest Europe were also mired in the red. Shares of Credit Agricole SA ACA, -10.00% gave up 8.9%, Banco Popolare SC BP, -2.75% fell 2.6%, and Banco Comercial Português SA BCP, -2.32% lost 2.3%.
Commodity blues: Energy companies were also in negative territory after Monday’s harsh selloff in oil prices, which saw the global crude benchmark LCOU5, +1.76% trading below $50 a barrel for the first time since January.
Shares of Total SA FP, -0.56% TOT, -1.40% fell 0.7% on Tuesday, BP PLC BP., -0.58% BP, -1.33% erased 0.4% and Eni SpA ENI, -1.19% dropped 0.8%.
Oil prices recovered a bit on Tuesday, with Brent crude on London’s ICE Futures rising 71 cents to trade back above $50 a barrel. The U.S. benchmark, West Texas Intermediate crude, CLU5, +1.68% added 73 cents to $45.88 a barrel.
