European Markets Fall, Led By Miners, Oils

The European markets fell on Monday, as fears of slower economic growth hit mining stocks and a drop in crude oil prices sent energy stocks down.

Crude for November delivery fell $1.71 to $86.69 a barrel on the New York Mercantile Exchange, by the time the European markets closed, amid concerns about economic growth and on profit-taking ahead of expiration of the November contract.

The FTSEurofirst 300 index of pan-European blue chips closed 1.29% lower at 1,543.66 points, while the narrower DJ Stoxx 50 index fell 1.12% to 3,777.24 points.

Around Europe, the U.K.'s FTSE 100 index fell 1.05% to 6,459.30, while France's CAC 40 index dropped 1.38% to 5,661.27 and Germany's DAX index slipped 1.13% to 7,794.94.

Mining stocks slipped after metal prices fell amid concerns that slower economic growth will reduce demand. BHP Billiton, the world's biggest miner, dropped 3.9%, while Anglo American, the second biggest, slipped 4.8% and Rio Tinto, the third biggest, fell 3.7%. Copper miner Antofagsta lost 4.6%.

Some other economic growth sensitive stocks such as Daimler, the world's largest truckmaker, and Royal Philips Electronics, Europe's biggest maker of consumer electronics, were also among the losers. Daimler dropped 2.9% and Philips lost 2.3%.

Heavily weighted oil stocks edged lower after crude oil prices fell below $87 a barrel. BP, Europe's biggest oil company, slipped 1%, while Royal/Dutch Shell, the second biggest, fell 1.1% and Total, the third biggest, dropped 1.5%.

Electrolux, the world's second largest household appliances maker, slid 8.2% after the company said lower U.S. demand and higher steel and plastic costs may hurt earnings growth this year.

Commerzbank, Germany's second largest bank, fell 2.9% after the company's Chief Executive Officer Klaus-Peter Mueller said that the bank's losses from investments linked to risky subprime mortgages would be higher than previously expected.

Danish beermaker Carlsberg slipped 2.4% after the Financial Times reported that the company is planning a rights offer valued at $5.8 billion to fund its proposed takeover bid for British brewer Scottish & Newcastle.