european shares hit by banking doubts
Last Updated : GMT 19:03:54
Arab Today, arab today
Arab Today, arab today

European shares hit by banking doubts

Arab Today, arab today

Arab Today, arab today European shares hit by banking doubts

London - AFP

European stocks fell on Thursday, dragged down by the banking sector on heightened fears over lender exposure to the eurozone debt crisis and the potential impact of more recapitalisation. Investors shrugged off approval by Slovakia of the revamped eurozone rescue fund and focused more on a European Central Bank warning of downside risks to the world economy. At close, London\'s FTSE-100 was down 0.71 percent to 5,403.38 points, Frankfurt\'s DAX 30 index lost 1.33 percent to 5,914.84 points and Paris\'s CAC 40 ended the day down 1.33 percent to 3,186.94 points. Elsewhere in Europe, Milan shares were down 3.7 percent, Madrid fell 0.92 percent and Amsterdam dropped 0.92 percent. \"Even if there was a return to a certain optimism in the past few days, there remains too many uncertainties regarding the debt crisis to get close\" to the 3,300 point level in Paris, Arnaud de Champvallier of Turgot Asset Management said. The euro edged down to $1.3732, compared with $1.3788 late in New York on Wednesday and the dollar fell against the yen to 76.88 yen from 77.24 yen on Wednesday. On Wall Street, US stocks were lower with the Dow Jones Industrial Average down 0.85 percent to 11,420.43 points in midday trade. The tech-heavy Nasdaq Composite slipped 0.27 percent to 2,597.78 points, while the S&P 500, a broader measure of the markets, fell 1.04 percent to 1,194.65 points. \"Although early losses are broad, the stock market\'s descent has been primarily driven by weakness in the financial sector,\" analysts at Briefing.com said. European bank shares plunged after the French finance ministry warned that European lenders exposed to Greek debt will probably face greater losses than those already agreed to. Ahead of a weekend meeting of G20 finance ministers in Paris, France said banks would probably be forced to write off more Greek debt than the 21 percent proposed in a July eurozone accord on a second bailout for Athens. In their pre-G20 briefing, French officials said EU states would set up a mechanism to allow banks in difficulty to seek assistance but that the statutes of the European Financial Stability Facility would not change. Banks have been asked to increase their core capital reserves so that they will be better able to cope with any losses on their holdings of bonds issued by weak eurozone states. French banks have a large exposure to Greece. In Paris at close, BNP Paribas tumbled 5.67 percent, Credit Agricole plunged 5.68 percent and Societe Generale sank 6.69 percent. In Frankfurt, Commerzbank stock plummeted 4.82 percent and Deutsche Bank was down 5.60 percent. Hit by a Fitch ratings downgrade, in London Royal Bank of Scotland shares slid 6.39 percent and Lloyds Banking Group fell 5.48 percent. European Commission president Jose Manuel Barroso called Wednesday for banks to \"urgently\" increase their core tier-one capital ratios and warned that those refusing to comply could be forced to abandon bonuses and dividends. However, Deutsche Bank boss Josef Ackermann argued Thursday that recapitalising Europe\'s banks would not solve the crisis, adding that confidence needed to be restored in the health of countries\' public finances. \"It\'s not the capital resources of banks that are the problem but the fact that sovereign debt has lost its status as a risk-free asset,\" Ackermann told a business congress in Frankfurt. The little reassuring news there was came from eurozone holdout Slovakia where lawmakers ratified new powers to the EFSF, two days after voting the changes down in a political dust-up that toppled the coalition government. However, investor sentiment took another heavy blow on Thursday after the European Central Bank warned of \"downside\" risks to the euro area which was facing \"particularly high uncertainty\". \"Downside risks notably relate to the ongoing tensions in some segments of the financial markets in the euro area and at the global level, as well as to the potential for these pressures to further spill over into the euro area\'s real economy,\" the ECB said in a monthly bulletin. Asian markets rose Thursday, extending a recent rally on hopes that eurozone leaders will be able to hammer out a solution to the debt crisis.

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance
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*

european shares hit by banking doubts european shares hit by banking doubts

 



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*

european shares hit by banking doubts european shares hit by banking doubts

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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