European Stocks Fall as Fears Grow of Austerity Backlash LONDON - Stocks and the euro fell in Europe on Tuesday, and Wall Street appeared headed for a weak opening, after the leading party in the Greek Parliament was unable to form a government, adding to fears that a backlash against austerity measures is leading the Continent back into turmoil. The Radical Left Coalition in the Greek Parliament, which has objected to the government spending cuts imposed on Greece as part of its international bailout agreements, was seeking to create a government on Tuesday, a day after the New Democracy Party failed to find sufficient partners to build a majority. Despite the generally downbeat tone, investors said markets were calm. "The euro's holding up well," said Derek Halpenny, senior currency economist at Bank of Tokyo-Mitsubishi U.F.J. in London. "I think that's the story to some degree," especially after the market "began to panic a bit late last week" on fears about what might happen in the French and Greek elections. "But obviously the risks have risen significantly in terms of a Greece departure," he said, "and we think that's very negative for the currency." With public pressure mounting, European Union leaders were called Tuesday to convene in Brussels on May 23 for an "informal summit" meeting, with a focus on ways to promote growth. It will mark the first such summit for the French president-elect, François Hollande, and also give leaders a chance to discuss the Greek situation. In afternoon trading, the Euro Stoxx 50 index, a barometer of euro zone blue chips, was off 0.2 percent, while the FTSE 100 index in London climbed 0.1 percent. Trading was muted, as many investors celebrated a holiday commemorating the end of World War II fighting in Europe. Stock exchanges remained open for business. Standard & Poor's 500 index futures dipped, an indicator that major indexes would follow suit at the opening bell in New York. The S.&P. 500 rose less than 0.1 percent on Monday. Still, most equity market activity takes place between big banks and investment funds through high-speed trading programs, and analysts caution against reading too much into daily stock moves. The dollar rose against major European currencies. The euro fell to $1.2993 from $1.3051 late Monday in New York, while the British pound fell to $1.6130 from $1.6190. The dollar rose to 0.92427 Swiss franc from 0.9206 franc. But against its Japanese counterpart, it fell to ¥79.85 from ¥79.92. Asian shares were mixed. The Tokyo benchmark Nikkei 225 stock average gained 0.7 percent, while the Sydney market index S.&P./ASX 200 rose 0.3 percent. In Hong Kong, the Hang Seng index fell 0.3 percent. The yield on the Portuguese 10-year government bond soared 29 basis points to 10.75 percent, as investors demanded a higher return to hold the debt. A basis point is one-hundredth of a percent. Paul Geitner contributed from Brussels.