european stocks mostly higher as cyprus dominates
Last Updated : GMT 00:04:51
Arab Today, arab today
Arab Today, arab today

European stocks mostly higher as Cyprus dominates

Arab Today, arab today

Arab Today, arab today European stocks mostly higher as Cyprus dominates

London - AFP

European stock markets mostly rose Tuesday and the euro recovered from four-month lows against the dollar as investors assessed the latest developments surrounding the Cyprus bailout saga. London's FTSE 100 index of leading companies was showing a gain of 0.27 percent at 6,395.56 points in afternoon trading. In Frankfurt, the DAX 30 grew 0.21 percent to 7,887.28 points and in Paris the CAC 40 advanced 0.76 percent to 3,756.46. Madrid lost 1.49 percent to 8,019.0 points, as the Spanish central bank forecast that the eurozone's fourth biggest economy will contract even more this year than in 2012, but would then benefit from "a modest rebound in 2014." The Bank of Spain estimated that economic activity would shrink by 1.5 percent in 2013 and then expand by 0.6 percent in 2014. In Athens, the Athex composite share price index plunged by 4.1 percent to 892.11 points as the third largest Greek bank, Piraeus, said it would take on the Greek subsidiaries of three Cypriot banks. "Calm has finally descended after the turmoil of the Cyprus bailout, but the damage to investor confidence has been done," said Chris Beauchamp, a market analyst at IG trading group. Markets tumbled late on Monday after a top eurozone official was interpreted as suggesting that a levy on bank deposits used as part of the Cyprus bailout could be a template for future rescues in the troubled region. Jeroen Dijsselbloem, who heads the Eurogroup of finance ministers, said the costs of bank recapitalisations should not fall on the public sector, but on bondholders, shareholders and, if necessary, uninsured deposit holders. His statement, which came just hours after a last-minute deal to save the Cyprus financial sector, sent the euro tumbling to a four-month low on Monday in late London trading. Markets had initially risen strongly on news of the bailout deal secured overnight Sunday-Monday. "Eurozone bureaucrats scrambled to backtrack on comments made by Jeroen Dijsselbloem, and it now appears that the Cyprus bailout is a one-off, not to be repeated event," said Beauchamp. "This is unlikely to reassure nervy depositors, who will be keenly watching for any suggestion that they might have to pay up in any future bailout," he added. Cash-strapped Cypriots faced fresh hardship on Tuesday as authorities kept banks closed for two more days to avert a run on deposits. The bailout hits investors with deposits of over 100,000 euros at both Bank of Cyprus and Laiki, and calls for the effective wrapping up of Laiki, with the expected loss of thousands of jobs. In foreign exchange deals Tuesday, the euro edged up to $1.2857 from $1.2853 in New York late on Monday. The European single currency had hit a four-month low point at $1.2830 after the Dijsselbloem statements on Monday. Gold prices dipped to $1,597.25 an ounce from $1,599.25 Monday on the London Bullion Market. "The euro has remained under downward pressure following the announcement of the financial support package agreement for Cyprus with investors nervous that it could trigger capital flight from the eurozone in the near-term," said Lee Hardman, currency analyst at Bank of Tokyo-Mitsubishi. "The heightened investor uncertainty in the near-term has created more risk-averse trading conditions supporting the yen," he added. US stocks opened higher after a leading index of housing prices showed a steep price increase. The Dow Jones Industrial Average rose 0.53 percent to 14,524.67 points in early trade. The broad-based S&P 500 jumped 0.60 percent to 1,561.02 points, while the tech-rich Nasdaq Composite Index increased 0.36 percent to 3,247.10 points. The gains came after S&P/Case-Shiller Home Price index showed average home prices rose 8.1 percent for 20 leading US cities for the 12 months ending in January 2013. The rise was the highest year-over-year increase since summer 2006, said David Blitzer, chairman of the index committee at S&P Dow Jones Indices. Asian markets closed mixed Tuesday on the confusion sown about eurozone policy. Tokyo lost 0.60 percent, Sydney slipped 0.80 percent, and Shanghai fell 1.25 percent. But Hong Kong gained 0.27 percent, and Seoul climbed 0.30 percent.

arabstoday
arabstoday

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

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week
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 stocks mostly higher as cyprus dominates european stocks mostly higher as cyprus dominates

 



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 stocks mostly higher as cyprus dominates european stocks mostly higher as cyprus dominates

 



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 Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
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 opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
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 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
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 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

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 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

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