Arab Today, arab today global growth worries hit shares dollar gains
Last Updated : GMT 21:10:43
Arab Today, arab today
Arab Today, arab today

Global growth worries hit shares, dollar gains

Arab Today, arab today

Arab Today, arab today Global growth worries hit shares, dollar gains

Cairo - Arabstoday

The Euro steadied near a two-year low and European shares fell Thursday as concern over the global growth outlook sapped investor appetite for risk assets already hit by a lack of clear clues on possible US stimulus measures. A surprise rate cut in South Korea, a 50-basis point cut in Brazil to a record low and a lack of any clear policy action by the Bank of Japan added to the cautious mood, favouring the dollar and safe-haven assets. \"There is not much to expect from economic data, there is not much to expect from earnings, so the only thing markets hope for is more quantitative easing, more stimulus from Europe — more stimulus from everywhere,\" Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets, said. The greenback, measured against a basket of key currencies, rose to a two-year high of 83.61 in overnight trade before settling around 83.49 in early European activity, pushing the Euro to near a two-year low of $1.2234. The dollar had gained after the minutes of last month\'s Federal Reserve meeting, published on Wednesday, showed the world\'s biggest economy would have to weaken further before its central bank took any more easing steps. However, the minutes showed some officials favoured more stimulus. A weak session in Asian share markets Thursday left the MSCI world equity index lower for its seventh straight session, down 0.4 per cent at 306.91 points. The FTSE Eurofirst 300 index of top European shares weakened 0.8 per cent to 1,031.11 in early trade, having closed flat Wednesday. In debt markets investors were watching the sale by Italy of 7.5 billion Euros of 12-month bills, which precedes a 5.25 billion Euro longer-term bond sale Friday, as yields on Italian and Spanish debt gradually ease. From ahramonline

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