Arab Today, arab today european stocks euro retreat amid greece uncertainty
Last Updated : GMT 17:51:52
Arab Today, arab today
Arab Today, arab today

European stocks, euro retreat amid Greece uncertainty

Arab Today, arab today

Arab Today, arab today European stocks, euro retreat amid Greece uncertainty

London - AFP

European stocks and the euro declined on Friday as investors banked recent profits ahead of the weekend and amid uncertainty surrounding Greece\'s bid to strike deals over its debt mountain. In European midday trade, the Paris CAC 40 fell 0.50 percent to 3,312.23 points, Frankfurt\'s DAX 30 slid 0.46 percent to 6,387.09 points and London\'s FTSE 100 dipped 0.05 percent to 5,737.46. The euro dropped to $1.2908 from $1.2961 late in New York on Thursday. \"Yesterday\'s positive outcomes from the bond auctions of France and Spain have given the beleaguered euro a welcome respite from its recent woes, but significant headwinds still remain, not least ... Greece,\" said Michael Hewson, market analyst at trading group CMC Markets. \"Even if a deal is reached it won\'t even begin to solve Greece\'s problems, of a shrinking economy and a growing debt burden.\" Greece on Friday raced to clinch debt-saving deals in parallel negotiations with private creditors and its EU-IMF bailout partners ahead of a looming default in March. Prime Minister Lucas Papademos was scheduled to meet again with global bank group representatives after late-night talks on Thursday as his finance minister held talks with senior EU-IMF auditors on a new eurozone rescue loan. Greece is seeking to slash around 100 billion euros ($129 billion) from its huge debt through a voluntary bond swap with creditors, a process that would unlock a new eurozone rescue package worth 130 billion euros overall. Across the Atlantic, hopes that the US economic recovery is gaining traction were boosted by data showing weekly new claims for unemployment benefits fell to their lowest level since April 2008. Also boosting sentiment was news that the US consumer price index was unchanged for the second straight month in December. On the corporate front, investment bank Morgan Stanley reported a $4.2 billion profit for 2011, while Bank of America posted a $1.4 billion profit, wiping away a brutal loss the year before amid a savage streamlining. European stocks and the euro had risen solidly on Thursday following the upbeat economic news on both sides of the Atlantic. Positive eurozone debt auctions, better US data, a strong January for stock markets and hopes that Greece will avoid a messy default in March are all contributing to the current \'risk on\' sentiment in markets,\" said Jane Foley, senior currency strategist at Rabobank. In London on Friday, shares in British mobile phone giant Vodafone gained 1.52 percent to 177.15 pence after India\'s top court rejected a $2.5 billion tax bill slapped on the company over its purchase of a local operator. Vodafone\'s clear-cut victory in the bitter legal dispute was seen as a boost to cross-border mergers and acquisitions in India.  

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