Author: Elena Todorova
123jump.com
Last Update: 12:55 PM EDT June 08 2006

European stocks closed at their lowest levels for the year. The steep decline reflected a rate rise by the European Central Bank and fears over rate-tightening moves in the world economies. Mining and oil stocks were the most notable losers with BHP Billiton down 6% and BP falling 3.1%. The German DAX 30 tumbled 2.9%, the French CAC 40 slid 2.9%, and Londoon FTSE 100 dropped 2.5%.