European markets were lower on Monday as subprime concerns reemerged after comments from the G7 summit concerning a slowing global economy.
The FTSE Eurofirst 300 dropped 1.3 percent to 1,543.56 while Madrid’s IBEX fell by the same percentage to 15,327.8.
The Dax fell 1.13 percent to 7,794.94 while the CAC-40 was 1.38 percent lower to 5,661.27.
Banks saw declines.
Societe Generale (Euronext: GLE) was down 2.43 percent to €113.85, while Commerzbank (FWB: CBK) dropped 2.92 percent to €29.19 after its CEO warned that profits will be hurt by US subprime problems.
Drug maker Bayer (FWB: BAY; TYO: 48633) had the worst day on the Dax as it dropped 3.44 percent to €58.19.
The worst performer of the day on the CAC-40 was Mittal Steel (Euronext: MT; NYSE: MT), with a decline of 3.74 percent to €52.99, while steel products manufacturer Vallourec (Euronext: VK).
Builders were also lower.
Bouygues (Euronext: EN), with holdings in both construction and media, was 2.43 percent lower to €61.41 and Vinci (Euronext: DG) dropped 2.52 percent to €51.54.
The best performer on the Dax was Volkswagen (FWB: VOW; OTC: VLKAY), with a gain of 1.65 percent, while truck maker Man (FWB: EDF1) gained a bare 0.11 percent to €122.94.
Airlines were also higher.
Air France (Euronext: AF; NYSE: AKH) added 0.46 percent to €26.11 while Lufthansa (FWB: LHA) was 0.54 percent higher to €20.30.