European stock markets closed low

The pan-European FTSEurofirst 300 closed at 1.2% to 1,350.42 points, with heavy losses on the German DAX, the French CAC and the Spanish IBEX

European shares closed o Thursday at low of three weeks, with investors reacting to corporate earnings for the quarter and some disappointing data from the eurozone as well as from the news from the selective default of Argentina.

The pan-European FTSEurofirst 300 closed at 1.2% to 1,350.42 points, with heavy losses on the German DAX, the French CAC and the Spanish IBEX.

The Portuguese PSI 20 fell 3% in the shares of Banco Espirito Santo which made a free fall of 40%, after the net loss disclosure of EUR 3,598 million for the first half of 2014.

The bank is in an upheaval for weeks with former CEO Ricardo Salgado being guilty of fraud and money laundering.

In London the FTSE 100 fell 0.64% to 6,730 points, in Frankfurt the DAX fell by 1.95% to 9,407 points while in Paris the CAC 40 dropped 1.54% to 4,246 points.