European stocks slide ahead of EU summit

European equities lost ground in afternoon trading ahead of a crucial EU summit, as Spain officially asked its eurozone neighbours for a bailout.

The EuroStoxx 50 was 2.36% lower at 2,135 late in the session, while the main French and German stock markets lost 2% and 1.8% each. Shares were also under pressure in London, the FTSE 100 falling 1% to 5,457, mirroring losses on the FTSE 250 and the All Share. In the US, the S&P 500 slumped 1.86% to 1,310 while the Dow fell 1.36% to 12,468. The euro weakened while US treasuries rose as investors looked ahead of the European Union summit on 28-29 June. European leaders are set to discuss specific steps towards a cross-border banking union, closer fiscal integration and the possi...