Arab Today, arab today european stocks slump as portugal rocked by crisis
Last Updated : GMT 12:21:37
Arab Today, arab today
Arab Today, arab today

European stocks slump as Portugal rocked by crisis

Arab Today, arab today

Arab Today, arab today European stocks slump as Portugal rocked by crisis

London - AFP

European stock markets fell sharply on Wednesday, with shares in Portugal collapsing by almost seven percent as the debt-plagued nation was gripped by a political crisis. In morning trade, Lisbon\'s key PSI 20 index of leading shares plunged 6.55 percent to 5,168.20 points, following the resignation of two ministers over austerity policies. In neighbouring Spain, Madrid\'s IBEX 35 index nosedived 3.15 percent to 7,638.2. London\'s FTSE 100 dived 1.64 percent to 6,200.66 points, Frankfurt\'s DAX 30 slid 1.93 percent to 7,757.78 points and in Paris the CAC 40 shed 1.70 percent to 3,679.03. In foreign exchange deals, the European single currency fell to $1.2923 -- hitting a low last seen on May 29. That compared with $1.2978 late in New York on Tuesday. Markets were rocked after Portugal\'s Foreign Minister Paulo Portas resigned on Tuesday evening, even though his decision was not accepted by the prime minister. This shock to the coalition government came one day after the sudden departure of Finance Minister Vitor Gaspar. Concerns about Greece have also returned as creditors pushed its leaders to implement huge cuts agreed as part of a bailout, fuelling fears Athens could be denied much-needed cash. The political crisis in recession-wracked Portugal spread concern in world markets of a new wave of instability from the bailed-out nation on the eurozone\'s debt-laden periphery. The yield on benchmark 10-year Portuguese government bonds spiked above eight percent for the first time since November 2012, hitting 8.023 percent before easing a little. It had closed at 6.720 pecent the previous day. A 10-year borrowing rate of about 8.0 percent is widely considered unsustainable for a country such as Portugal. \"Political turmoil in Portugal pushes the country\'s 10-year bond yields to climb to 8.0 percent for the first time since November 27,\" said ETX Capital trader Ishaq Siddiqi. \"Two high profile ministers resigned from Portugal\'s government over the past two days, triggering worries of instability within the government; and today, there are reports that more ministers are expected to step-down as the country struggles to stay on top of its austerity plan.\" He added that the news would push the focus onto Thursday\'s interest rate gathering of the European Central Bank , and the subsquent press conference by its chief Mario Draghi. \"In light of these developments, the ECB\'s policy meeting tomorrow in that case will be this week\'s show stealer as the pressure is on Draghi to respond to the state of affairs in Portugal\'s crumbling government,\" added Siddiqi. Adding to jitters were renewed concerns over the Chinese economy in the wake of downbeat data on the nation\'s services sector. Asian equity markets slipped on Wednesday after taking a lead from Wall Street. Hong Kong stocks tumbled 2.48 percent, Tokyo fell 0.31 percent and Shanghai was off 0.61 percent. Global markets had enjoyed a broad uptick in the past few sessions as concerns over the US Federal Reserve\'s stimulus programme have eased, while US and European data have pointed to gradual improvement. However, traders remain edgy ahead of US non-farm jobs data due on Friday, which will give a better idea of the state of the world\'s bigggest economy.  

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 slump as portugal rocked by crisis Arab Today, arab today european stocks slump as portugal rocked by crisis

 



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 slump as portugal rocked by crisis Arab Today, arab today european stocks slump as portugal rocked by crisis

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Prayers turn to nightmare

GMT 06:14 2017 Sunday ,22 October

Prayers turn to nightmare
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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