Markets in Europe were down at 6.15 AM New York time.

The FTSE fell 1% to 6,324. Barclays (BCS) was off 3.6% to 541. Northern Rock was down 3.9% to 104.8.

The DAXX was off .1% to 7,827. Deutsche Bank (DB) was down 2% to 87.67. Deutsche Telekom (DT) was up 1.3% to 15.29. VW was off 2.2% to 158.3.

The CAC 40 was down 1% to 5,574. Alcatel-Lucent (ALU) was off 2.8% to 5.6. Societe Generale was off 2.8% to 101.6.

Data from Reuters

Douglas A. McIntyre