Arab Today, arab today european stocks euro retreat after us vote
Last Updated : GMT 08:29:34
Arab Today, arab today
Arab Today, arab today

European stocks, euro retreat after US vote

Arab Today, arab today

Arab Today, arab today European stocks, euro retreat after US vote

London - AFP

European stock markets slid on Wednesday and the euro fell against the dollar in the wake of US President Barack Obama\'s convincing re-election win that was nonetheless expected to be challenged quickly by a looming US fiscal crisis. After rising initially as traders cheered an end to US political uncertainty, equities and the European single currency headed south as investors\' attention switched to the challenging . In early afternoon deals, London\'s FTSE 100 index of top companies was down 0.92 percent at 5,830.77 points, Frankfurt\'s DAX 30 retreated 1.49 percent to 7,267.56 points and in Paris the CAC 40 shed 1.68 percent to 3,420.25. In New York, US stock markets tumbled on expectations that Obama\'s re-election will set up a tough battle with Republicans over the much discussed \"fiscal cliff\". Automatic US tax and spending measures totalling about $600 billion are scheduled for January 1 to curb a swollen US public deficit and debt if a compromise on graduated measures cannot be agreed between Obama and the US Congress. In the first half hour of trade, the Dow Jones Industrial Average dropped 1.49 percent, the broad-based S&P 500 fell 1.44 percent and the Nasdaq Composite shed 1.31 percent. Berenberg Bank economists Holger Schmieding and Rob Rood pointed to likely control by the Republican party of the US House of Representatives, noting that \"continuing gridlock in Congress, as projected by the current incomplete results, are no surprise. \"But the election outcome will make it difficult to forge the required bipartisan compromises ahead of the looming fiscal cliff at the end of 2012,\" they said. Obama also has to produce a long-term plan to deal with the US fiscal deficit, which the International Monetary Funds forecasts will reach 8.7 percent of output in 2013, the Berenberg economists added. \"If no action is taken in the next two months, automatic tax hikes and spending cuts will tighten the fiscal position by a huge 5.1 percent of GDP at the beginning of 2013. \"Without a compromise, the US will be heading for recession,\" they warned. Meanwhile, analysts expected Obama\'s victory to spell status quo for the Federal Reserves relaxed monetary policy. At SHK Financial, strategist Daniel So told Dow Jones Newswires: \"An Obama victory ensures the continuity of the US monetary policy, which is likely to be kept loose.\" After a brief rise versus the US currency, the euro was down at $1.2756 in London afternoon deals, compared with $1.2814 late in New York on Tuesday. The European single currency reversed direction as the European Commission slashed its eurozone economic growth forecast for next year to just 0.1 percent, six months after tipping a much stronger recovery of 1.0 percent. Official data meanwhile revealed slumps in German and Spanish industrial output during September. In Greece, lawmakers were to vote Wednesday on austerity measures needed to unlock international aid and stave off bankruptcy despite strikes and public anger against billions more euros in tax hikes and pension cuts. The package includes 18.5 billion euros ($23.6 billion) in new spending cuts and other reforms by 2016. Looking at corporate stocks, Munich Re shares won 0.39 percent to 128.10 euros in Frankfurt deals after the world\'s biggest reinsurer said it was raising its full-year profit forecast, despite the expected claims losses from superstorm Sandy that battered the United States last week. \"The result for the first three quarters is more than pleasing. Despite Hurricane Sandy, we are very optimistic of realising a profit in the region of 3.0 billion euros for 2012,\" said chief financial officer Joerg Schneider. At the beginning of the year, Munich Re had envisaged a full-year profit of around 2.5 billion euros. French bank BNP Paribas saw its share price jump 2.13 percent to 39.95 euros after the company more than doubled its net profit in the third quarter. In London, Pearson shares slipped by 0.16 percent to 1,238 pence, a day after the publisher denied that it was planning to sell the Financial Times newspaper following media speculation. Asian stock markets closed mixed on Wednesday, while on the London Bullion Market, gold prices jumped to $1,730.50 an ounce from $1,691 on Tuesday.  

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 european stocks euro retreat after us vote Arab Today, arab today european stocks euro retreat after us vote

 



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 Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 13:43 2017 Sunday ,19 February

Local institutional buying lifts Oman shares higher

GMT 15:33 2017 Saturday ,18 February

Lock-up shares worth 39 bln yuan eligible for trade

GMT 09:49 2017 Saturday ,18 February

Qatar Stock Exchange Index Gains 190.17 Points This Week

GMT 09:15 2017 Friday ,17 February

Asia stocks retreat after week-long Trump rally

GMT 08:14 2017 Friday ,17 February

Bahrain Bourse daily trading report

GMT 21:28 2017 Thursday ,16 February

US Stocks End High on Tuesday
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
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 Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

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