(PTI): European markets have fallen, mainly because of disappointing results from Spain’s Banco Santander and an unexpected fall in US home sales.

European banks were among those taking most points off the index. Banco Santander, which is known as the euro zone’s biggest bank by market value, fell 3.4 percent after it posted a 2.8 percent fall in third quarter net profits.

The FTS Eurofirst 300 index of top European shares was down 1.9 percent to 980.23 points — its biggest one-day decline since August 17 and its lowest close since October 5.

The European shares came under further pressure after the US Commerce Department said that newly built home sales fell 3.6 percent to an annual rate of 402,000 in September.

The decline has raised fears that US new homes sales will continue to fall in the coming months.