Shares slump in Europe

European stocks fell as declines by utilities and drugmakers outweighed gains by technology shares and mining companies. The world’s second largest utility GDF Suez lost almost 3 percent and Germany’s E.ON was down more than 9 percent.

David Keeble, Interest Rate Strategist at Calyon Credit Agricole feels there are signs of a better mood on the stock market: He said, “It’s very difficult to predict but we are starting to see I think a better feeling coming through. A little bit more optimism is creeping back. I am not really looking for that to heal rapidly, but I am looking for some better times ahead.”

Cap Gemini, Europe’s biggest computer services company was up almost 4 percent after IBM’s earnings topped analysts estimates. National Indexes decreased in ten of the 17 western European markets that were open for trading.

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tags: Markets