Arab Today, arab today stocks steady and euro higher before eu summit
Last Updated : GMT 20:42:19
Arab Today, arab today
Arab Today, arab today

Stocks steady and euro higher before EU summit

Arab Today, arab today

Arab Today, arab today Stocks steady and euro higher before EU summit

London - AFP

European stocks steadied and the euro gained versus the dollar Wednesday as investors awaited an EU summit on solving the eurozone debt crisis and companies warned of job cuts amid increased instability. The cancellation of an EU finance ministers\' meeting due to have taken place before the summit hiked concerns that a deal may not be reached to firmly tackle a crisis that has threatened to plunge the world economy into recession. Indebted Italy is meanwhile hoping to convince its EU peers that it does not require a huge bailout similar to that handed out to Greece. Ahead of the summit, the European Commission called on eurozone leaders to deliver a \"credible\" response to the debt crisis. \"We need a deal tonight. ... We expect a credible political answer to key questions on the table,\" commission spokesman Olivier Bailly told a news briefing just hours before European leaders were to meet in Brussels. In European midday trade, London\'s benchmark FTSE 100 index was up 0.05 percent to 5,527.78 points, Frankfurt\'s DAX 30 edged down 0.09 percent to 6,039.79 points and in Paris the CAC 40 rose 0.07 percent to 3,176.30. In company news, Swiss lift manufacturer Schindler said it would slash 1,772 jobs mainly in Spain, Portugal and the United States, as part of a restructuring to cope with difficult economic conditions. \"As a result of the sovereign debt crisis and the numerous political decisions that have yet to be reached, uncertainty persists regarding the development of the global economy,\" the company said. A spokesman for PSA Peugeot Citroen meanwhile told AFP that the French automaker could slash 5,000 jobs in Europe as part of a wide-reaching cost-cutting plan. In foreign exchange deals, the euro rose to $1.3929 from $1.3904 late on Tuesday. The dollar dropped to 75.90 yen from 76.06 yen, while gold prices grew to $1,714.35 from $1,656 a day earlier. \"EU summit uncertainty remains the primary concern as we head into today\'s crunch meeting,\" said Michael Hewson, an analyst at traders CMC Markets. \"Yesterday\'s sudden cancellation of the finance ministers meeting doesn\'t generate confidence that EU leaders have a coherent plan to deal with the debt crisis, and the pathetic reasons for the cancellation, saying there wasn\'t really a definite meeting scheduled in the first place, only serve to reinforce this perception.\" The eurozone wants to beef up its 440-billion-euro ($610 billion) rescue fund, the European Financial Stability Facility, to persuade markets it has the means to protect highly indebted nations such as Greece and Italy. Leaders also want to agree on a huge write-down on bondholders\' debt of stricken Greece and make sure banks have enough reserves to withstand losses. The 27-nation EU will meet first at 1600 GMT to decide on the bank recapitalisation followed by a summit of the 17 eurozone leaders to, in theory, finalise their grand bargain. Asia-Pacific shares mostly closed higher Wednesday after reversing early losses, as markets waited for news of whether a concrete plan to tackle the eurozone\'s debt crisis would emerge. Sydney added 0.35 percent, Seoul won 0.30 percent, Hong Kong climbed 0.52, while Tokyo closed down 0.16 percent. The uncertainty in the European Union has weighed on global commodity and equity markets for months, slashing trillions of dollars from the combined values of companies. Wall Street sank Tuesday on indications of a still-weak US economy and worries that European leaders might not reach a deal on Wednesday. The Dow Jones Industrial Average, which closed Monday at an early August peak, tumbled 1.74 percent. The tech-heavy Nasdaq Composite slumped 2.26 percent and the broader S&P 500 declined 2.00 percent.  

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 stocks steady and euro higher before eu summit Arab Today, arab today stocks steady and euro higher before eu summit

 



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 stocks steady and euro higher before eu summit Arab Today, arab today stocks steady and euro higher before eu summit

 



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