Europe stocks extend slide after US downgrade

August 8, 2011 15:28


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PARIS - European stocks resumed their sell-off on Monday, with a blue-chip index dropping for the 11th session in a row, as a downgrade of US debt fueled fears the world's No.1 economy could slip into recession.

A European Central Bank move to buy Italian and Spanish bonds to halt contagion from the euro zone debt crisis limited the damage in peripheral markets, with Spain's IBEX up 0.6 percent and Italy's FTSE MIB up 0.3 percent.

The Thomson Reuters Peripheral Eurozone Banks index -- which plummeted 14 percent last week -- regained 2.1 percent, with Banco Popolare up 4 percent and Banco Santander up 2.9 percent.

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