European fears grip investors, sending shares lower

Page last updated at 03:05 GMT, Monday, April 23, 2012 - 08:05 EST

Reuters:

Traders work on the floor of the New York Stock Exchange (NYSE) September 12, 2011.

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U.S. stocks were also poised to open lower on Wall Street.

The economic outlook for Europe was hurt by poor flash Purchasing Manager's Indexes (PMIs) for April, which are a guide to future activity. The reports for the euro zone, Germany and France pointed to a much faster rate of economic contraction across the debt-laden region than had been expected.

The gloomier view came as the Dutch government, a close ally to Germany in calling for tougher austerity measures to fight the crisis, was preparing to resign because of a crisis over budget cuts, according to two broadcasters.

Read the whole story: Reuters