Markets in Europe were off an average of about 1% at 6 AM New York time.

The FTSE fell .8% to 6,333. Barclays (BCS) was down 4.7% to 489.25. BT (BT) was down 3.3% to 304.5.

The DAXX was down .3% to 7,776. Deutsche Bank (DB) was down 1.6% to 83.16. Deutsche Telekom (DT) was up 2.1% to 14.41. Siemens (SI) was up 4.6% to 99.48.

The CAC 40 was off 1.3% to 5,610. AXA (AXA) was down 4% to 27.68. EADS was up 3.4% to 22.21. Societe Generale was off 2.9% to 102.04.

Data from Reuters

Douglas A. McIntyre