European shares fall

European shares have fallen to their lowest level in three weeks after data showed an unexpected fall in the sales of new homes in the United States .

In the FTSE 100, shares were down more than 2%.

Banks were among those taking the biggest points off the index.

Banco Santander, the euro zone’s biggest bank by market value, fell more than 3% after it posted a decline in nine-month net profit.

BNP Paribas, HSBC and UBS also all fell between 1 and 4%

Concern continues that the market got ahead of itself and the seven-month rally in equities has outpaced the prospects for economic growth.

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tags: European markets, Markets