Arab Today, arab today europe bourses drop spanish rates advance
Last Updated : GMT 00:10:45
Arab Today, arab today
Arab Today, arab today

Europe bourses drop; Spanish rates advance

Arab Today, arab today

Arab Today, arab today Europe bourses drop; Spanish rates advance

London - Arabstoday

Most European shares fell yesterday, Spanish bond yields spiked to the danger level of 7.0% and the euro briefly hit a two-year low point in volatile deals before a key eurozone finance meeting. London’s FTSE 100 index slipped by 0.62% to close at 5,627.33 points, Frankfurt’s DAX 30 was off by 0.35% at 6,387.57 points and in Paris the CAC 40 edged 0.38% lower to 3,156.80. Madrid’s benchmark IBEX 35 index of leading shares gave up 0.75% to 6,688.30 points but Rome’s FTSE Mib gained 0.59% to 13,813 points. The euro traded for $1.2305, up from $1.2287 late on Friday in New York after falling as low as $1.2251 in Asian trade, its lowest point since July 1, 2010. ETX Capital strategist Ishaq Siddiqi said European stock markets slumped following remarks by European Central Bank president Mario Draghi before the European Parliament’s economic and monetary affairs committee. “What really worried the markets was his comment on the ESM not being ready to recapitalise banks by the end of the year, but ‘we are going as fast as we can’,” Siddiqi said. He referred to the European Stability Mechanism, an EU financial rescue fund that is to be able to directly recapitalise distressed banks without adding to the debt load carried by host nations. Draghi also reiterated the ECB’s view was that there would be a “weakening of growth and heightened uncertainty” in the second quarter of 2012. He added that the euro area would “recover gradually, albeit with dampened momentum.” In New York, US stocks dipped in midday trade following those comments and weaker signals on the economic prospects for China and Japan. The Dow Jones Industrial Average was down 0.56% to 12,7701.40 points. The S&P 500 lost 0.53% to 1,347.53, while the tech-rich Nasdaq gave up 0.49% to 2,922.98. The S&P’s weakness came “in response to weak economic readings out of China and Japan,” according to the Hightower Report. In Brussels, eurozone finance ministers met under pressure to push ahead quickly with measures to tackle the region’s sovereign debt crisis, as market sentiment veered towards the sceptical once again. Investors remain anxious that the eurozone debt crisis, which has already devastated Ireland, Greece and Portugal, could spread to Spain and Italy. In a gloomy omen, the price Spain must pay to borrow for 10 years rose sharply to 7.023% on Monday, from 6.912% late on Friday. “Eurozone finance ministers meet in Brussels, ostensibly to build on the decisions announced at the summit two weeks ago,” said IG Index analyst Chris Beauchamp. “As if to underline the urgency of their discussions, yields for Spanish and Italian bonds are on the march again, although this latest meeting is likely to end with a statement of intent but little else.” European leaders had hailed a June 28-29 EU summit as a breakthrough, promising fresh capital for Spain’s struggling banks, a European bank union to keep the lenders in line and making it easier for the ESM to help countries in trouble. from gulf times.

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