Stocks: Monday’s review

European stocks decline third day on fears that the summit of regional leaders this week will not lead to drastic measures to contain the debt crisis.

Shares of Unicredit SpA (UCG) and BNP Paribas (BNP) have fallen by at least 5%. Nokia Oyj (NOK1V) lost 11% amid rumors that Samsung Electronics Co. incomes can be exactly like above analysts' forecasts. Shire Plc (SHP) fell by 11% after regulators approved its version of the second drug selling.

Stoxx Europe 600 Index (SXXP) fell 1.5% to 242.82, and 2.7% in the last three on the background data on an index of German business confidence, which fell to a two-year low, increasing fears of eurozone sovereign debt crisis

We also learned that Angela Merkel has rejected the opportunity to exchange debt for the solution of the financial crisis in the peripheral countries, and stated that it would be economically wrong and counterproductive.

National indexes fell in all 18 regions of Western Europe. The CAC 40 fell by 2,2%, FTSE 100 by 1.1%, while Germany's DAX lost 2.1%. ASE index in Greece fell to 6.8%.

U.S. stocks tumbled on concern this week’s European Union summit will fail to tame a crisis which put American earnings on pace for the first decline since 2009.

Billionaire investor George Soros warned that a failure by leaders meeting this week to produce drastic measures could spell the demise of the currency. Equities slumped as Chancellor Angela Merkel hardened her resistance to euro-area debt sharing, setting Germany on a collision course with its allies at a summit on June 28. Cyprus said it will seek a financial lifeline from the euro area’s firewall funds. Greek Prime Minister Antonis Samaras consented to the resignation of his finance minister, Vassilios Rapanos.

Technology, financial and energy shares dropped the most among 10 groups in the Standard & Poor’s 500 Index. Bank of America Corp. (BAC) and Chesapeake Energy Corp. (CHK) slumped at least 4.2 percent. Microsoft Corp. (MSFT) sank 2.7 percent after agreeing to acquire Yammer Inc. for $1.2 billion in cash. Constellation Brands Inc. surged 13 percent as it may benefit from a potential deal between Grupo Modelo SAB and Anheuser-Busch InBev NV.