read below:
Apple as Big as Europe's 32 Top Banks—Combined
Published: Friday, 19 Aug 2011 | 12:00 PM ET
By: Reuters
Technology giant Apple [AAPL 356.03 -10.02 (-2.74%) ] is now worth as much as the 32 biggest euro zone banks.
That's the stark result from a steep fall in the share price of banks including Spain's Santander [STD 8.72 -0.37 (-4.07%) ], France's BNP Paribas [BNP-FR 32.75 -1.46 (-4.27%) ], Germany's Deutsche Bank [DB 38.44 -1.46 (-3.66%) ] and Italy's Unicredit [UNCFF 1.32 -0.08 (-5.71%) ], compared to a steady rise in Apple's valuation, according to Thomson Reuters data.
Earlier on Friday the DJ STOXX euro zone banks index fell 4 percent, valuing its 32 members at $340 billion. That's based on the market capitalization of their free-float shares, which for some French banks in particular is less than 100 percent.
The index has crashed by a third since the start of July, hammered by fears banks will lose billions from their holdings of euro zone government bonds and a failure of policymakers to stop a euro zone debt crisis from spreading.
The euro zone banks have lost three-quarters of their value since peaking in May 2007.
In contrast, Apple's market capitalization has soared to $340 billion on the back of the success of innovative technology products like iPods, iPhones and iPads.
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