Arab Today, arab today european stocks sink in grey start to week
Last Updated : GMT 15:28:54
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In a poor start

European stocks sink in grey start to week

Arab Today, arab today

Arab Today, arab today European stocks sink in grey start to week

Frankfurt, London and Paris stocks fell following a warning from the Bank of International Settlements (BIS)
London - Arab Today

Europe's stock markets fell Monday in a poor start to the week, hit by economic gloom and growing doubts over new eurozone stimulus, dealers said.

Frankfurt, London and Paris stocks lost about one percent, one day after the Bank of International Settlements (BIS) warned of a "gathering storm that has been building for a long time" on global markets.

The region's markets had rallied Friday as new data showed strong US jobs figures but a fall in wages, fuelling talk of more Federal Reserve rate hikes.

"Dampening spirts from the off, a warning from the BIS that there is a 'gathering storm' of macro-maladies ready to plague the markets did nothing to ensure last week’s rebound continued," said Spreadex analyst Connor Campbell on Monday.
"Especially notable is the BIS comment that investors are fearful that the world’s central banks are running out of options -- something that does not bode well for Thursday’s ECB (European Central Bank) meeting."

Investors are increasingly uncertain over whether the ECB will deliver new stimulus moves when it reveals its latest monetary policy decision later this week.

- Lack of ECB unity? -

"Reports last week that there is a lack of unity within the ECB over potential new monetary stimulus measures has removed some of the appetite for stocks on the continent," noted analyst Jasper Lawler at traders CMC Markets.
In contrast to Europe, Asian stocks began the week in buoyant mood, cheering a strong pick-up in US job creation while weighing China's weekend decision to lower its growth target but expand spending.

Energy firms were again among the biggest gainers as oil continued its recovery thanks to the jobs data and as US producers cut the number of rigs in operation to combat a global supply glut that has hammered prices.

At the start of its annual policy congress Saturday China set a target of 6.5-7.0 percent expansion this year -- as expected -- as it tries to combat a slowdown in global trade and to transition from dependence on exports and investments to consumer-led growth.

But in a two-hour speech, Premier Li Keqiang promised to loosen the money belt and projected the biggest budget deficit in several decades, putting on the back-burner its drive to combat bulging government debt.
He also pledged reform of state-owned enterprises, many of which are plagued by inefficiencies and overcapacity.

China's leaders have sought to reassure jittery global markets in recent weeks with a unified message that authorities still have the tools to keep the economy -- a key driver of world growth -- from a further slowdown.

Shanghai stocks ended up 0.8 percent, with investors also cheered by an expected delay in a plan to speed up initial public offerings.

Among other markets, Sydney rose one percent and Seoul put on 0.1 percent. There were also gains in Taipei, Wellington and Bangkok.

On the downside, Hong Kong dipped 0.1 following last week's gains and Tokyo slipped 0.6 percent after climbing around six percent last week.

- Key figures around 1130 GMT -

London - FTSE 100: DOWN 0.9 percent at 6,143.30 points

Frankfurt - DAX 30: DOWN 1.0 percent at 9,726.70

Paris - CAC 40: DOWN 1.0 percent at 4,412.70

EURO STOXX 50: DOWN 1.2 percent at 3,001.10

Tokyo - Nikkei 225: DOWN 0.6 percent at 16,911.32 (close)

Shanghai - composite: UP 0.8 percent at 2,897.34 (close)

Hong Kong - Hang Seng: DOWN 0.1 percent at 20,159.72 (close)

New York - Dow: UP 0.4 percent at 17,006.77 (close)

Euro/dollar: DOWN at $1.0959 from $1.1008 on Friday

Dollar/yen: DOWN at 113.42 yen from 113.79 yen
SourcE: AFP

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Arab Today, arab today european stocks sink in grey start to week Arab Today, arab today european stocks sink in grey start to week

 



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