Arab Today, arab today european stocks hit by russia sanctions worries
Last Updated : GMT 20:25:08
Arab Today, arab today
Arab Today, arab today

European stocks hit by Russia sanctions worries

Arab Today, arab today

Arab Today, arab today European stocks hit by Russia sanctions worries

A display shows the German Stock Market Index DAX
Lisbon - AFP

Europe's main stock markets fell on Thursday, weighed down by concerns of escalating tensions between the West and Russia, after the ECB left its monetary policy unchangedFrankfurt's main DAX index dropped 1.0 percent to 9,038.97 points, while in Paris the CAC 40 tumbled 1.36 percent at 4,149.83 points, compared with Wednesday's close.
London's benchmark FTSE 100 index shed 0.58 percent to 6,597.37 points after the Bank of England also chose to hold its key interest rate at a record low.
"Stocks in Europe were ready to mimic the reversal of losses seen in the US yesterday but some of the bullishness was sucked out of the market when Russia retaliated with its own set of sanctions with a ban on food imports," said Jasper Lawler at CMC Markets.
The European Central Bank held its key interest rates unchanged at 0.15 percent at its regular policy meeting on Thursday, two months after easing monetary conditions in the 18-country euro area.
Speaking after the decision, president Mario Draghi warned that the eurozone recovery "remains weak, fragile and uneven" and recent data showed "a been a slowing down in the growth momentum".
Draghi also sought to allay concerns that the euro's strength is harming growth, adding that "the fundamentals for a weaker exchange rate are better than they were two or three months ago".
In foreign exchange trading, the euro dipped to $1.355, down from $1.3381 late in New York on Wednesday.
Gilles Moec at Deutsche Bank said the lack of change from the ECB shows "its confidence that its latest policy moves in June provide a credible underpinning to their scenario of a gradual recovery and slow normalisation of inflation".
In London, the Bank of England also opted to keep its main interest rate at a record-low level of 0.50 percent against a backdrop of solid British economic growth.
Markets had been shaken on Wednesday by news that Italy fell back into recession in the second quarter while factory orders in Germany, the bloc's powerhouse, cratered by 3.2 percent in June.
The news hit shares, adding to concerns that a "full embargo" by Russia on most food imports from EU, US, and other Western countries could hurt the bloc's economy.
- Wall Street opens higher -
Concern about the Ukraine conflict weighed on Wall Street after a positive open, despite better-than-estimated earnings and a drop in US jobless claims.
In mid-afternoon deals, the Dow Jones Industrial Average dipped 0.29 percent to 16,395.76.
The broad-based S&P 500 shed 0.37 percent to 1,913.22, while the tech-rich Nasdaq Composite Index lost 0.14 percent to 4,349.08.
Russia retaliated against tough new Western sanctions on Thursday, banning most food imports from the United States and the European Union and threatening to block flights over its airspace.
The tit-for-tat moves further heighten tensions between Russia and the West over the conflict in Ukraine, where heavy shelling was reported in the rebel-held eastern city of Donetsk.
"If this continues, it will continue to weigh on sentiment and would presumably hurt equities in Europe more than those in the US," said Capital Economics in a note.
The sanctions target imports of beef, pork, fruit and vegetable produce, poultry, fish, cheese, milk and dairy products from the European Union, United States, Australia, Canada and Norway.
EU producer groups warned that the embargo could lead to a glut of food in the European Union, as Russia buys some 10 percent of the bloc's food exports.
In corporate news, shares in Nestle rose 3.43 percent after the world's largest food industry group posted a slump in earnings and sales for the first half of the year, blaming the strong Swiss franc.
Rio Tinto shares dropped 0.52 percent, despite news the mining giant's its first-half net profit more than doubled to $4.4 billion, driven by surging iron ore shipments and cost cutting.
The euro rose to 79.29 pence from 79.41 pence on Wednesday. The pound slipped to $1.6842 from $1.6851.
On the London Bullion Market, the price of gold fell to $1,305.25 an ounce from $1,306.50

arabstoday
arabstoday

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 hit by russia sanctions worries Arab Today, arab today european stocks hit by russia sanctions worries

 



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*

Arab Today, arab today european stocks hit by russia sanctions worries Arab Today, arab today european stocks hit by russia sanctions worries

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
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