EUROPE'S main stock markets have fallen as investors fretted over Italy's post-election deadlock, poor economic data, looming US budget cutbacks and a raft of company results.
London's benchmark FTSE 100 index of leading companies dropped 0.57 per cent to 6324.85 points approaching midday on Friday in the British capital.
Frankfurt's DAX 30 shed 1.27 per cent to 7643.44 points and in Paris the CAC 40 fell 1.19 per cent to 3678.85.
Milan's FTSE Mib index lost 2.0 per cent to 15,602.66 points as rising Italian unemployment numbers compounded worries about ongoing political uncertainty following inconclusive elections earlier this week.
Madrid's IBEX 35 retreated 1.27 per cent to 8,125.40 points after gloomy news that Spain's manufacturing sector continued to shrink in February.
The euro fell to $US1.3010 from $1.3062 late in New York on Thursday, having briefly moved below the $1.30 level. Gold prices declined to $1570 an ounce on the London Bullion Market from $1588.50 on Thursday.
Fears were mounting over the looming $85-billion in indiscriminate, across-the-board cuts known as the sequester, which are due to kick in later on Friday in the United States.
The impending spending cuts also sent US stocks down, with the Dow Jones Industrial Average fell 0.53 per cent to 13,980.07 points in early trading.
The broad-based S&P 500 declined by 0.62 per cent to 1505.36, while the tech-rich Nasdaq Composite declined 0.64 per cent to 3,140.12.
Official data also painted a far from encouraging picture of the European economy, with unemployment running at record and "unacceptable" highs in the eurozone while inflation fell sharply, highlighting the weakness of consumer demand.
"European markets are under pressure, slapped by a combination of uncertainties over Italy's political outlook, the failure to avert the US sequester by lawmakers in Washington and damp economic data," said analyst Ishaq Siddiqi at trading group ETX Capital.
Equities had risen in Europe on Thursday as dealers brushed aside lower-than-expected US economic growth to focus on upbeat jobs data in the world's biggest economy, dealers said.
However, investor sentiment was hit on Friday also by weak data in China - and in the 17-nation eurozone where unemployment rose to a record 11.9 per cent in January from 11.8 per cent in December, with nearly 19 million people out of work.
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