Stock Corrections Come to Europe as Greece Hits Italy, Spain
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While most financial markets were spared selloffs Monday, it was hardly a good day in equities -- especially those perceived as vulnerable to Greek contagion.
Stocks in Italy and Portugal fell more than 3.8 percent, and benchmark indexes in Spain and France lost 2 percent after voters in Greece rejected bailout terms. The gauges slumped further on Tuesday. More than half of the 18 western-European markets tracked by Bloomberg are now in corrections, with shares down 10 percent or more from their 2015 highs.