Arab Today, arab today european stocks lower on spanish gloom
Last Updated : GMT 08:19:34
Arab Today, arab today
Arab Today, arab today

European stocks lower on Spanish gloom

Arab Today, arab today

Arab Today, arab today European stocks lower on Spanish gloom

London - AFP

European stock markets mostly fell on Monday amid further bad news for indebted Spain but Frankfurt managed to edge higher after positive retail sales data and bumper earnings from Adidas. London\'s FTSE 100 index slid 0.35 percent to 5,746.48 points in late morning deals and the Paris CAC 40 retreated 0.84 percent to 3,238.99 points while in Frankfurt the DAX 30 rose 0.09 percent to 6,807.47 points. Madrid\'s IBEX 35 index lost 0.58 percent to 7,104.90 points as data confirmed Spain\'s official return to recession and as Standard & Poor\'s downgraded the country\'s top banks. In foreign exchange deals, the euro nudged higher to $1.3234 from $1.3231 in New York late on Friday. \"Once again, the Spanish ulcer is providing cause for concern; anti-austerity protests took place over the weekend and this morning we have had news confirming that Spain slipped back into recession in the first quarter,\" said IG Index trader Yusuf Heusen. \"In addition, S&P has downgraded 11 of Spain\'s largest banks, mirroring its move last week on the national sovereign debt rating. \"It is a busy week for economic news, with manufacturing data from China, the UK and the US tomorrow, and German unemployment on Wednesday, while the week culminates in (US) non-farm payrolls data that will keep markets on edge from Wednesday onwards,\" Heusen added. Spain has back tipped into recession, an official estimate confirmed Monday, even as the government pressed ahead with unpopular spending cuts to rein in burgeoning debt. Spain\'s economy shrank by 0.3 percent in the first quarter, the same rate as in the last three months of 2011. A recession is defined as two successive quarters of shrinking economic output. Meanwhile, S&P on Monday downgraded the ratings of the top Spanish banks, including Santander and BBVA, after slashing the country\'s credit standing because of worsening deficit and growth problems. S&P on Friday slashed Spain\'s sovereign rating by two notches to \'BBB+\' and said Monday the same considerations \"could have potentially negative implications for our view of the economic risk and industry risk affecting the Spanish banking industry.\" There was better news for Germany, Europe\'s biggest economy, which said that retail sales rose 0.8 percent in March from February. Separately, German sportswear maker Adidas reported a strong rise in first-quarter profits to 289 million euros ($383 million), sending the company\'s shares rallying 5.65 percent to 63.20 euros. Asian markets closed higher on Monday following a positive lead from Wall Street on Friday. Sydney gained 0.79 percent, Seoul put on 0.34 percent and Hong Kong jumped 1.70 percent. Tokyo and Shanghai were closed for public holidays. With no catalysts to drive buying in Asia, traders looked to Wall Street which got a boost from a strong earnings report from online retail giant Amazon. Markets shrugged off data that the US economy grew at a slower pace than forecast in the first quarter, with analysts pointing out that personal consumption -- the biggest contributor to growth -- rose more than expected. The US economy grew 2.2 percent in the January-March period, well down from the 3.0 percent chalked up in the previous three months.

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 lower on spanish gloom Arab Today, arab today european stocks lower on spanish gloom

 



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 lower on spanish gloom Arab Today, arab today european stocks lower on spanish gloom

 



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 Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque

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 Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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