European Stocks Sink

Bank shares lead Japanese market lower

Canadian markets were closed Monday for the Victoria Day holiday.

European markets closed much lower Monday, hampered by a weakening U.S. dollar. London's FTSE index was down 107.7 points, or 2.66%, to 3,941.3. The Bank of England pegged U.K. economic growth at 2.5% to 3% for next year, less than government ministers had estimated.

In Paris, the CAC-40 index fell 127.58 points, or 4.26%, to 2,867.29. In Frankfurt, the DAX index decreased 138.4 points, or 4.63%, to 2,850.68.

In Asia, stocks finished lower. Japan's Nikkei 225 index fell 78.16 points, or 0.96%, to 8,039.13. Losses were led by bank declines after the government's rescue of Resona Holdings over the weekend. Meanwhile, Hong Kong's benchmark Hang Seng index decreased 5.81 points, or 0.06%, to 9,087.37.

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