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October 14, 2008
by Elaine Frei
Major equities markets were higher in Europe Tuesday, but exchanges in Belgium, the Netherlands and Iceland were lower on the session.
Iceland’s OMX Iceland 15 was down 77.42 percent and the OMX Iceland All-Share dropped 66.83 percent as trade resumed after a three-day halt last week as the banking system collapsed and the government took over several banks.
Meanwhile, the ...
October 10, 2008
by Elaine Frei
European equities markets saw another day of steep declines Friday, to end a week which saw over $4 trillion in value disappear from equities markets worldwide.
In London, the FTSE 100 was down 8.85 percent to 3,932.06, closing below 4,000 for the first time in five years, while the FTSE 250 dropped 5.59 percent to 6,778.31.
Banks were hard-hit, with Barclays Bank (LSE: ...
October 9, 2008
by Elaine Frei
European equities markets were lower Thursday as investors worried that recent efforts by governments to rescue banking systems will not be enough to avert a global recession.
In London, the FTSE 100 closed down 1.21 percent to 4,313.8 after earlier gains, while the FTSE 250 dropped 0.3 percent to 7,179.43.
Power generators were lower after broker downgrades as Drax Group (LSE: ...
October 8, 2008
by Elaine Frei
European equities markets were lower again Wednesday after they were not helped substantially by interest rate cuts from the European Central Bank, the Bank of England, Riksbank and others.
The ECB cut rates by half a percentage point to 3.75 percent, while the Bank of England lowered its rate to 4.5 percent, Riksbank of Sweden cut its rate to 4.25 ...
October 6, 2008
by Elaine Frei
European equities markets declined sharply Monday as the euro weakened, oil and metals prices fell, and bank bailouts spread to Europe from the US.
German chancellor Angela Merkel said that her government will guarantee private accounts to prevent a run on banks, while Denmark also announced that deposits will be insured against losses and the Chancellor of the Exchequer in the UK ...
October 3, 2008
by Elaine Frei
European equities markets were higher Friday on speculation that major central banks will cut interest rates soon, after the president of the European Central Bank said that Bank officials discussed cutting rates before deciding yesterday to hold steady at 4.25 percent for the present.
Gains also came on indications that the US House of Representatives is now ready to pass a rescue ...
October 1, 2008
by Elaine Frei
European equities markets were mostly higher Wednesday as the US Senate prepares to vote on its version of a $700 billion bailout plan for the US financial sector and on increased optimism that the House of Representatives will approve the plan when it revisits it later this week.
In London, the FTSE 100 was up 1.17 percent to 4,959.59 while the FTSE ...
September 30, 2008
by Elaine Frei
European equities markets ended higher Tuesday after big declines Monday.
The gains came on assurances from both Democrats and Republicans in the United States that Congress would pass a bailout of the US financial sector, with many promising that it would happen before the week is out.
Banks in the region were mixed, with Bank of Ireland (ISEQ: BKIR; LSE: BKIR: NYSE: IRE) ...
September 29, 2008
by Elaine Frei
Wall Street was down sharply Monday as the US House of Representatives refused to pass a plan to bail out the US financial sector amid partisan recriminations, with the Dow Jones Industrial average losing the most points in a single session in its history.
The Dow dropped 777.68 points on the session, nearly 100 points more than the previous record of ...
September 26, 2008
by Elaine Frei
Equities markets in Europe saw declines Friday on delays in the approval of the US bailout plan and on the failure of US savings and loan Washington Mutual (NYSE: WM).
The delays in approval for the plan to buy up bad loans from banks came as some Republicans refused to support the plan, while the WaMu failure was the ...
September 25, 2008
by Elaine Frei
Banks and insurers led European equities markets higher Thursday on the possibility of takeovers in both sectors and on the hope that an agreement on the US bailout plan will come soon.
The FTSE 100 added 1.99 percent to 5,197.02 in London, while the FTSE 250 gained 0.32 percent to 8,434.65.
All five of the biggest gainers on the 100 were in the ...
September 24, 2008
by Elaine Frei
European equities markets were lower Wednesday as rising oil prices hurt carmakers and on remarks from US Federal Reserve Chairman Ben Bernanke that the credit crisis is hurting spending by businesses and individuals.
In London the FTSE 100 was down 0.79 percent to 5,095.57 while the FTSE 250 fell 0.56 percent to 8,407.36.
British Energy Group (LSE: BGY) added 5.66 percent after French utility EDF (Euronext: EEN) said ...
September 23, 2008
by Elaine Frei
European equities markets declined Tuesday after US Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee that if Congress fails to pass the government’s $700 billion plan to buy bad debts from banks, markets and the economy could be harmed.
Mr. Bernanke characterized financial markets as currently under “extraordinary stress”.
Despite Mr. Bernanke’s warnings, however, some lawmakers on both sides ...
September 22, 2008
by Elaine Frei
European equities markets declined Monday on higher oil prices that hurt the retail and travel and leisure sectors even as Germany, France, the Netherlands and Belgium all banned short-selling of shares in some companies, following the example of the US and the UK as well as some Asia-Pacific nations.
In London, the FTSE 100 was down 1.41 percent ...
September 19, 2008
by Elaine Frei
The FTSE 100 had its biggest percentage gain in history Friday as European markets soared on plans to rebuild confidence in the markets by the US and UK governments and others.
Among the measures taken or planned, central banks have pumped new money into financial systems, China abandoned a tax on stock trading and said it will buy shares ...
September 18, 2008
by Elaine Frei
European equities markets were mixed Thursday, but most were lower on suspicions that plans by central banks to put more money into the financial system will not be enough to avoid more meltdowns related to the credit mess.
In London the FTSE 100 was down 0.66 percent to 4,880 but the FTSE 250 added 0.32 percent to 8,336.8 on ...
September 17, 2008
by Elaine Frei
European equities markets were lower Wednesday after US housing starts declined in August and on declines among miners as investors worried about demand for metals.
In London the FTSE 100 was 2.25 percent lower to 4,912.4 while the FTSE 250 dropped 1.18 percent to 8,309.8.
The top five decliners on the 100 were all from either the banking or mining sector, with ...
September 16, 2008
by Elaine Frei
European equities markets were mostly lower Tuesday on continuing fallout from the Lehman Brothers (NYSE: LEH) bankruptcy and after Standard & Poor’s and Moody’s Investors Service both cut their credit ratings on US insurer American International Group (NYSE: AIG).
This downgrade will likely make it more difficult for AIG to raise the money it needs to remain in business.
In London, ...
September 15, 2008
by Elaine Frei
European equities markets saw substantial declines Monday as Lehman Brothers (NYSE: LEH) declared bankruptcy and Merrill Lynch (NYSE: MER; TYO: 8675) allowed Bank of America (NYSE: BAC; TYO: 8648) to take it over.
The Lehman bankruptcy was forced after takeover talks with Bank of America and Barclays Bank (LSE: BARC; NYSE: BCS; TYO: 8642) fell through and the US government refused to ...
September 14, 2008
by Kay Murchie
The Japanese economy contracted at an annual rate of 3% between April and June. The fall is the first in over a year and the largest since the third quarter of 2001.
The country, whose economy is the second largest, appears to be on the brink of recession as analysts said demand for Japanese goods and services had fallen both at home and ...
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