European Stocks Tumble as Reinsurers, Utilities Fall on Japan Earthquake
European stocks dropped for a fourth day, led by a selloff in reinsurers and utilities, as Japan battles to prevent a nuclear meltdown following its largest earthquake on record. Asian shares and U.S. futures fell.
Swiss Reinsurance Co. and Munich Re both declined more than 3 percent after AIR Worldwide said the industry may face claims of as much as 2.8 trillion yen ($34 billion). E.ON AG and RWE AG slipped 2.6 percent and 2.8 percent respectively after officials in China and India and U.S. lawmakers called for a review of atomic energy plans.
The Stoxx Europe 600 Index fell 0.6 percent to 273.78 at 8:05 a.m. in London, extending last week 2.3 percent selloff. The MSCI Asia Pacific Index sank 2.8 percent and the Nikkei 225 Stock Average plunged the most since 2008. Standard & Poor’s 500 Index futures slid 0.6 percent.
To contact the editor responsible for this story: Jason Carey at jcarey3@bloomberg.net
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