Arab Today, arab today greek worries knock wind
Last Updated : GMT 17:57:21
Arab Today, arab today
Arab Today, arab today

Stocks and the euro slipped

Greek worries knock wind

Arab Today, arab today

Arab Today, arab today Greek worries knock wind

Greek Prime Minister Lucas Papademos arrives for a cabinet meeting  
New York - Arabstoday

Greek Prime Minister Lucas Papademos arrives for a cabinet meeting   New York - Arabstoday Stocks and the euro slipped as a plan for wage and pension cuts in Greece hit a new obstacle, raising fear the country may not get the aid it needs to avoid a messy default.The leader of the smallest party in Prime Minister Lucas Papademos’ coalition government, George Karatzaferis, said he could not vote in favor of a 130-billion-euro bailout agreement Greece needs to avoid default in March. Although the party has only 15 deputies out of 300, his comments drove nervous investors to sell stocks and the euro ahead of a parliamentary vote on the deal scheduled for Sunday. Selling was broad on Wall Street. Declining issues outpaced advancing shares by almost 4 to 1 among New York Stock Exchange-listed shares. The CBOE Volatility index, a measure of volatility known as investors’ “fear index,” spiked about 10 percent, its biggest jump in three months. That left the benchmark Standard & Poor’s 500 Index headed for its first weekly decline in the past six, while the euro retreated from Thursday’s two-month high above $1.33. “It’s not entirely surprising to see negative news overnight trigger a pretty sharp unwinding of risk,” said Omer Esiner, chief analyst at Commonwealth Foreign Exchange in Washington. “A lot of the uncertainty that has hung over markets for the better part of the last year remains largely in place,” he said. “This is a dose of reality for people.” Indeed, stocks have climbed some 7 percent over the last six weeks, capping off a 25 percent rally seen over four months. Optimism hit a crescendo Thursday on hopes Greece would soon receive an second bailout to stave off a default. “It’s perfectly reasonable that we should have a little bit of a pause here,” said Phil Orlando, chief equity market strategist at Federated Investors, in New York. The Dow Jones industrial average was down 135.31 points, or 1.05 percent, at 12,754.84. The Standard & Poor’s 500 Index was down 12.33 points, or 0.9 percent, at 1,339.65. The Nasdaq Composite Index was down 24.48 points, or 0.85 percent, at 2,902.44. A pre-weekend scramble for safety reversed the previous day’s decline in government debt prices. “It’s all about Greek headlines now. Generally speaking, investors don’t like being short Treasuries when these things are going on,” said David Keeble, global head of interest rates strategy at Credit Agricole Corporate & Investment. Yields, which move inversely to price, were down again on Friday, though, with the benchmark 10-year note up 22/32 in price to yield 1.96 percent. The 30-year yield slipped to 3.11 percent after hitting 3.23 percent on Thursday, its highest since late October. March Bund futures were more than a point higher at 138.47, with 10-year yields almost 10 basis points lower at 1.91. Earlier, euro zone finance ministers gave a lukewarm response to an inter-party agreement from Athens on austerity measures and set more conditions for Greece to secure a second bailout needed to ensure it can meet debt repayments next month. That left the Greek rescue deal in limbo and tempered some of the enthusiasm seen a day ago after Greek political leaders clinched an agreement on austerity after weeks of talks. “Markets seem to have had enough of it for now,” said Credit Agricole rate strategist Orlando Green. “It may just be kicking the can down the road again as debt is in unsustainable territory and whether they (Greece) can deliver something long lasting is another question.” The FTSEurofirst 300 index of top European shares fell 0.9 percent to close of 1,064.05. Earlier, Asian stocks also lost ground, pushing global stocks as measured by MSCI’s all-country world equity index down 1.4 percent. Still, the index is up more than 20 percent from its October trough as low interest rates from major central banks and a huge cash injection by the European Central Bank fueled a rally in stocks, commodities and higher-yielding currencies. The Greek plan agreed by Athens has fallen short of targets needed to bring its debt down to a more sustainable level. Jean-Claude Juncker, who chairs the group of euro zone finance ministers, said the Greek parliament must ratify the austerity package when it meets on Sunday and said a further 325 million euros of spending cuts needed to be put in place by Wednesday. Facing elections as soon as April, Greek political leaders are loath to accept tough measures with rising social unrest and mounting unemployment compounding the country’s woes. Growth-linked currencies such as the Australian dollar and commodities like copper and oil eased as investors cut exposure to riskier assets and preferred the safety of US Treasuries and German Bunds. Data showing China’s trade activity slowed sharply last month also dulled risk appetite. Crude oil slipped, halting an eight-day rally, as the International Energy Agency cut its oil growth demand forecast for a sixth consecutive month due to a weak global economy. But declines were capped by robust Chinese oil demand and political tensions over Iran. US crude, which had climbed for three days until Thursday, fell $1.23 to $98.61 a barrel.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greek worries knock wind Arab Today, arab today greek worries knock wind

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims

GMT 06:51 2017 Saturday ,18 February

Blames government for economic crisis

GMT 06:35 2017 Saturday ,18 February

MP calls for re-operating closed companies

GMT 13:35 2017 Friday ,17 February

Confirms Britain is biggest investor in Egypt

GMT 15:55 2017 Thursday ,16 February

Egyptian foods completely unobserved nor healthy

GMT 11:18 2017 Wednesday ,15 February

Reveals plan to get out of financial crisis

GMT 12:33 2017 Tuesday ,14 February

Yemeni accuses militias of challenging oil

GMT 18:07 2017 Monday ,13 February

Over 3000 workers lost their jobs
View News in Arabic - Business: أخبار الاقتصاد
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today 57 monkeys carrying 'invasive' genes

GMT 16:00 2017 Tuesday ,21 February

57 monkeys carrying 'invasive' genes
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today Small ponds have outsized impact

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday