Arab Today, arab today greek worries knock wind
Last Updated : GMT 12:35:42
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.  

arabstoday
arabstoday

GMT 18:31 2017 Saturday ,21 October

Global oil market improving, stabilizing

GMT 13:23 2017 Friday ,20 October

EU leaders approve first step

GMT 19:29 2017 Thursday ,19 October

IMF policies undermine human rights

GMT 19:13 2017 Tuesday ,17 October

GCC public debts reached to $415bn

GMT 10:22 2017 Sunday ,15 October

ADNOC strengthens energy partnership

GMT 17:02 2017 Saturday ,14 October

IMF, Spain warn on economic growth

GMT 05:05 2017 Saturday ,14 October

Saudi Aramco considering ‘range of options’

GMT 07:46 2017 Friday ,13 October

Canada still optimistic for new NAFTA
Arab Today, arab today
Arab Today, arab today

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

 



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 Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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