LONDON - Britain's top share index dropped 2.6 percent, the biggest fall in over five months as S&P downgrades for Greece and Portugal fuelled debt crisis contagion worries smacking banks and commodity issues. The FTSE 100 closed at 5,603.52 points, down 150.33 or 2.61 percent.

@MARKET ROUNDUP:EUROFIRST

EUROPE - European shares fell at their fastest rate in five months, weighed by ratings agency Standard & Poor's downgrade of Greek and Portuguese debt.

Portuguese equities fell 5.4 percent after S&P cut the country's credit rating by two notches to A- with a negative outlook.

S&P cut Greece's rating to "junk" after the Greek market closed, but before other European bourses closed. Greece shares fell six percent.

@MARKET ROUNDUP:EUROmarkets

FRANKFURT - The DAX index ended at 6,159.51 points, down 172.59 or 2.73 percent.

PARIS - The CAC-40 index closed at 3,844.6 points, down 152.79 or 3.82 percent.

ZURICH - The Swiss market index closed at 6,667.47 points, down 136.27 or two percent.

MILAN - The FT IT All Share index closed at 22,602.4 points, down 722.73 or 3.1 percent.

@MARKET ROUNDUP:nikkei

TOKYO - Japan's Nikkei stock average inched up 0.4 percent after it found solid support at its 25-day moving average around 11,100, while investors picked up stocks with improved earnings guidance. The Nikkei finished up 46.87 points at 11,212.66. It had slipped in early trade as players booked profits a day after it jumped 2.3 percent - its biggest one-day percentage rise in two months.

@MARKET ROUNDUP:hang seng

HONG KONG - Hong Kong shares closed 1.5 percent lower, as fundraising plans by China Construction Bank weighed on sentiment, dragging other Chinese lenders down. The Hang Seng Index closed down 325.27 points at 21,261.79.

@MARKET ROUNDUP:asx

SYDNEY - Australian stocks gave up early gains to end flat, with banks leading the retreat ahead of the reporting season kicking-off tomorrow with No.4 lender Australia and New Zealand Banking Group.

The S&P/ASX 200 index ended down 1.5 points at 4,880, a near four-week low, after touching a high of 4,911.9.

@MARKET ROUNDUP:south africa

JOHANNESBURG - The South African stock market was closed for a public holiday, Freedom Day. On Monday the All-share index closed at 29,309.47 points, up 378.07 or 1.31 percent. The All Gold index closed at 2,321.12 points, up 8.21 or 0.35 percent, while the Industrial index closed at 22,936.34 points, up 106.79 or 0.47 percent.