Arab Today, arab today european equities slide on dire eurozone data
Last Updated : GMT 04:28:12
Arab Today, arab today
Arab Today, arab today

European equities slide on dire eurozone data

Arab Today, arab today

Arab Today, arab today European equities slide on dire eurozone data

London - AFP

European stocks and the euro fell on Thursday on dismal eurozone manufacturing figures, making a downbeat start to September after an extremely volatile August which was haunted by shadows of global recession. London\'s FTSE 100 index of leading shares slid 0.50 percent to 5,367.81 points in late morning trade, while Frankfurt\'s DAX 30 shed 1.89 percent to 5,676.83 points and in Paris the CAC 40 lost 1.14 percent to 3,218.18. In foreign exchange deals, the European single currency sank to a two-week low point of $1.4263. It later pulled back to $1.4282, down from $1.4374 late in New York on Wednesday. Eurozone manufacturing hit reverse gear in August, with a closely-watched survey signalling a two-year low in industrial activity. The eurozone manufacturing purchasing managers\' index (PMI), compiled by Markit, logged 49.0 points in August, down from 50.4 in July. Any score below 50 indicates contraction, while anything above suggests expansion. \"The beginning of the month, usually marked by the inflow of new money into the markets resulting in higher performance, has bestowed a rather disappointing picture upon investors,\" said ETX Capital trader Anita Paluch. \"European shares fell after a wave of weak PMI readings across Europe pointing to a slowdown in economic activity.\" Only Germany, the Netherlands and Austria posted indications of manufacturing sector economic growth, with France, Italy and Spain slumping into negative territory. Data earlier Thursday showed China\'s official PMI rose to 50.9 in August from 50.7 the previous month, which was the lowest in more than two years. \"Even the data coming from China, although giving some reassurance about the pace of growth and signaling stabilization in the Chinese manufacturing sector, did not offer much support for Europe, as the new export orders were on the weaker side, meaning less export for economies dependent on export to China -- like Germany,\" Paluch added. She added that Frankfurt was also hit by a flurry of broker downgrades for Allianz, BASF, EON and RWE, as well as carmakers BMW, Daimler and Volkswagen. Traders were meanwhile on tenterhooks before publication of Friday\'s crucial non-farm payrolls report in the United States. Wall Street had gained ground on Wednesday, boosted by better-than-expected data on manufacturing in the country\'s industrial heartland, while still ending August with losses. The Dow Jones Industrial Average added 0.46 percent in value -- but still finished last month with an overall loss of 4.4 percent. Traders suffered a volatile month in which markets were rattled by the debt-ceiling mess in Washington, Standard & Poor\'s downgrade of the United States, fears of a new global recession and Europe\'s sovereign debt crisis. Markets won a partial boost after the US Federal Reserve pledged on August 9 to hold near-zero interest rates for at least two years, to help the nation\'s struggling economy. \"August was a bumpy and volatile month for equity markets as investors worried about the US debt ceiling debate and US credit rating downgrade,\" VTB Capital economist Neil MacKinnon told AFP. \"In addition, the eurozone debt crisis showed no sign of any early resolution with investors worried about the threat of a banking crisis. \"And on top of that, economic indicators for the major economies started to flash red as the risk of so-called \'double-dip\' recession increased.\" Meanwhile, expectations of some sort of stimulus have been building since last week when Fed chief Ben Bernanke said the central bank would not immediately begin monetary easing -- but would keep the door open for such a move when needed. But Bernanke offered no new Fed stimulus measures in his speech at a central bankers\' conference in Jackson Hole, Wyoming, last Friday. Then on Tuesday, minutes showed that officials at the central bank\'s rate-setting Federal Open Market Committee (FOMC) meeting on August 9 had raised QE3 as a possibility. \"The recovery in major equity markets from the 9 August low was in response to the FOMC\'s pledge to keep the fed funds rate low until mid-2013 and the markets are hoping that the Fed announces policy easing at the 20-21 September FOMC meeting,\" added MacKinnon. In the previous \"QE\" quantitative easing programmes since the global financial crisis, the Fed injected money into the US economy via Treasury bond purchases.

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 equities slide on dire eurozone data Arab Today, arab today european equities slide on dire eurozone data

 



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 equities slide on dire eurozone data Arab Today, arab today european equities slide on dire eurozone data

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes
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 Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Youssra prepares for launching her  program

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:03 2017 Thursday ,21 September

Alarm over flesh-eating ulcer cases

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
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