Stock markets fall on fears over Europe's debt crisis

Stock markets fell on Monday as a healthcheck on banks failed to stem worries about Europe's debt crisis.

Financial shares were heavy fallers, with Royal Bank of Scotland down 3.8% and BNP Paribas 3.1% lower.
In early trading the FTSE 100 index fell 0.9%, France's Cac 40 shed 1.4%, and Germany's Dax was 1.3% down.
On Friday, eight European banks failed a stress test on their finances, while another 16 were said to be near the danger zone.
Meanwhile, the price of gold topped $1,600 an ounce for the first time as investors put money into the haven commodity.
Concerns among investors have also been fuelled by the Obama administration's failure to agree a debt-ceiling deal.
The US risks defaulting on its debts unless Congress can agree new rules that will allow Washington to borrow more money.

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