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.More about: European markets, Markets

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