stocks take another dive on greek default fears
Last Updated : GMT 16:22:18
Arab Today, arab today
Arab Today, arab today

Stocks take another dive on Greek default fears

Arab Today, arab today

Arab Today, arab today Stocks take another dive on Greek default fears

London - Arabstoday

Stocks slid again Tuesday as Europe’s debt crisis showed few signs of being solved any time soon and officials said Greece will have to wait until November to get its hands on much-needed bailout cash. The hope in the markets was that debt inspectors would soon authorize the payment of the next tranche of cash for Greece, which has indicated it needed money by the middle of this month to pay salaries and pensions. However, eurozone finance ministers said Monday in a meeting in Luxembourg that Greece has enough to tide it over until early November. And with mounting talk that a second Greek bailout, first agreed in principle in July, may be revised to get Europe’s banks to take more of the bailout pain, uncertainty remains the hallmark in the markets. For investors, the lack of clarity and the potential for further delays and procrastination was frightening. After falling to a near 2011 low of $1.3162 on Monday, the euro was trading 0.2 per cent higher at $1.32. “The delays to the Greek loan disbursement are likely to unsettle financial markets and increase the probability of a disorderly Greek debt default,” said Neil MacKinnon, global macro strategist at VTB Capital. “The apparent lack of an urgent, cohesive ‘master plan’ to resolve the Eurozone debt and banking crisis can only increase market volatility and uncertainty.” In Europe, Germany’s DAX was down 3.1 per cent at 5,212 while the CAC-40 in France fell 2.3 percent to 2,858. The FTSE 100 index of leading British shares fell 2.2 percent to 4,964. Shares in Franco-Belgian bank Dexia bore the brunt of the selling in Europe as investors grew increasingly concerned about its survival in its current form despite government promises to prop up the bank and insure every cent of its deposits. With the markets bracing for a Greek debt default soon, investors are concerned about what bonds Europe’s banks are holding and banks themselves have become reluctant to lend to one another. In Brussels, Dexia’s share price was down over 22 percent, meaning it has lost more than half a billion euros of its market value. Dexia’s stock began its plummet Monday after Moody’s warned it could be downgraded, leading the board of directors to call an emergency meeting. “Dexia’s problems stress the point that for Eurozone leaders the Greek crisis is less about Greece and more about the potential for it to spark a much more widespread banking and economic disaster,” said Jane Foley, an analyst at Rabobank International. Wall Street was poised for a modest retreat at the open though the mood is jittery after Monday’s very weak finish — Dow futures were down 0.3 per cent at 10,497 while the broader Standard & Poor’s 500 futures fell 0.2 percent to 1,084. Aside from developments surrounding Greece, traders will look for clues as to the state of the world’s largest economy later Tuesday, when Federal Reserve chairman Ben Bernanke testifies before the Joint Economic Committee in Washington. Concerns over the state of the US economic recovery has also triggered the turmoil in financial markets in recent months, but recent economic data, including Monday’s manufacturing survey from the Institute for Supply Management has surprised to the upside. A raft of US economic data this week will culminates with Friday’s nonfarm payrolls report for September. The figures often set the tone in markets for a week or two and another weak number could reinforce concerns over the world’s largest economy. Earlier in Asia, Japan’s Nikkei 225 fell 1.1 percent to close at 8,456.12. South Korea’s Kospi plunged 3.6 percent to 1,706.19 after being closed Monday for a holiday, and Hong Kong’s Hang Seng sank 3.4 percent to 16,250.27. Markets in mainland China were closed for a holiday Meanwhile, the price of oil continued its descent. Benchmark crude for November delivery was down $1.09 to $76.52 per barrel in electronic trading on the New York Mercantile Exchange. ( from The Gulf Today )  

arabstoday
arabstoday

GMT 03:16 2017 Saturday ,18 November

Asian markets head for positive end to volatile week

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance

GMT 02:48 2017 Saturday ,11 November

European stock markets fall further
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*

stocks take another dive on greek default fears stocks take another dive on greek default fears

 



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*

stocks take another dive on greek default fears stocks take another dive on greek default fears

 



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 Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Airbnb raided by Japan

GMT 01:55 2017 Saturday ,18 November

Airbnb raided by Japan
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 May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
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 Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
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 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

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 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

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