Breaking News

European shares slump to a 2-1/2 year nadir on banks worries

News Date: 11/2/2016 10:04:43
 
World equities took a bruising beating anew today, bit by a glaring risk-aversion sentiment and a crash in the banking sector as investors fret about mounting loans and doubt the ability of the banks to pay back their dues. Compounding the picture in Europe, worries returned that Portugal and Greece wouldn't be able to stick to their bailout plans, affecting sentiment further.

The pan-European index FTSEurofirst 300 tanked about three percent to its lowest since September 2013 at 1,200. Germany's DAX index gave up 186 points, or 2.04% to trade at 8,836. France's CAC 40 index plummeted 120 points, or nearly three percent to 3,945. Britain's resource-rich FTSE100 index outperformed the wider European market, but remained down 1.50% at 5,586.

The dollar index, which measures the U.S. unit versus six major rivals, hit a new four-month low at 95.40, before paring losses to trade last at 95.70, down 0.13% on the day. The greenback recovered half of its losses today against the yen but still recorded a massive 0.77% loss at 112.47. Euro touched a four-month high against its American rival at 1.1362.

Investors stampeded to safe havens from all kinds, with gold futures surging four percent, or 45 dollars to a year high, before last trading at $1,233 an ounce. Silver futures jumped 32 cents, or 2.11% to trade at $15.55 an ounce.

Wall Street opened sharply lower in tandem with its European counterparts, with Dow Jones falling 150 points, or 0.90% to 15,773. NASDAQ Composite shed 18 points, or half a percent to trade at 4,246, while S&P 500 declined 17 points, or 0.84% to 1,836.

Latest news

Concerns about a lack of oil production and rising inflation have multiplied, after OPEC + announced the largest supply cut since 2020 before the European Union banned Russian energy, which caused a
10-2022 06 05:42:21

Crude oil futures declined. According to the New York Stock Exchange, crude oil futures were traded in November at a price of 86.12 dollars a barrel, ie, it decreased by 0.46%. And in light of OPEC
10-2022 05 04:16:02

The US dollar fell to its lowest level in two weeks at the beginning of trading on Tuesday, due to the high risk sentiment, while the sterling pound maintained its recent gains after the British gove
10-2022 04 07:12:28

Japanese stocks opened today’s trading on a positive note, dragging its indices to the upside, especially chips and energy stocks. So, the Nikkei index rose by 1.07% to reach 26,215.79 points,
10-2022 03 03:36:24

Wall Street closed yesterday evening sharply lower, because of some economic concerns related to inflation, which could reflect negatively on the US economy, not also this, but also the investor's c
09-2022 30 03:07:57

More News

Logs

Advertisements