Arab Today, arab today european shares fall on debt yield worries
Last Updated : GMT 12:57:34
Arab Today, arab today
Arab Today, arab today

European shares fall on debt yield worries

Arab Today, arab today

Arab Today, arab today European shares fall on debt yield worries

London - Spa

European shares hit new five-week lows on Friday, on mounting worries that borrowing costs in several euro zone countries are at unsustainable levels, and policymakers are not acting to stem the region\'s debt crisis, according to Reuters. The European Central Bank tried to contain yields by buying bonds. At 0939 GMT, the FTSEurofirst 300 index of top European shares was down 0.2 percent at 956.01 points and had dropped to 949.09, its lowest level since Oct. 10 and below its 50-day moving average, a bearish signal. The index is on course to fall about 3 percent over the week, with high sovereign bond yields remaining a major focus for the market. Spanish yields hit a euro-era high at an auction on Thursday. Most sectors fell, with the heavyweight banking sector among the losers. The STOXX Europe 600 Banking Index fell 0.3 percent, and has lost more than 36 percent in 2011, as banks take writedowns on exposure to euro zone peripheral debt. \"The focus has very much moved towards the core of Europe, away from the periphery. Italy\'s in question. France is in question,\" Daniel McCormack, strategist at Macquarie, said. \"It really has pushed the sovereign crisis into a much more dangerous phase. You should have some kind of overweight in defensives, and avoid financials.\" Mining stocks were the biggest fallers, with the STOXX Europe 600 Basic Resources Index down 1 percent, on worries the euro zone debt crisis will spark a recession in Europe and elsewhere, hurting demand for metals.

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Arab Today, arab today european shares fall on debt yield worries Arab Today, arab today european shares fall on debt yield worries

 



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