The indexes in Europe ended with the first trading increases day of the week. Thus the old continent growth seen for the fifth time in six sessions. Today, the regional index Dow Jones Stoxx 600 advanced by 0,4 percent to 242 points. It was continued growth of 1,5 per cent achieved over the last week. Then indexes in Europe have risen in four consecutive days, but weak GDP data for the euro area led to a decline on Friday. Greece continues to be the leading news in the financial circles of the Old Continent. Today, the eurozone finance ministers meeting there to discuss the problems of our southern neighbors. ECB President Jean-Claude Trichet did ask the country to tighten its fiscal policy to overcome. Meanwhile, the EU asked Greece to provide explanations for derivative transactions, which was probably artificially lowering the budget deficit in the country. On Britain’s FTSE 100 rose by 0,5 per cent to 5 167 points, the DAX in Germany increased by 0,2 percent to 5 511 points. In France the CAC 40 advanced even by 0,3 percent to 3 609 points. In Central and Eastern Europe also overwhelming optimism. In Hungary BUX added 0.8 percent, while Romanian Beth index advanced by 0,5 percent. Exchanges in the Republic of Poland and even had achieved increases in indices of respectively 1.5 and 1,6 per cent.
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Quotes of the Asian oil trade fell below $ 72 a barrel after yesterday overcame declines, made late last week and reported a minimum 17-month price agency reported Reuters. Depreciation of the new “black gold” due to the oppression of stock players for uncertainty about budget problems in most euro area countries, especially Greece, Spain and Portugal. Diverging signals the degree of recovery of the economies of countries that are the biggest users Oil also confused investors on the stock markets. Price of oil on Monday was due to the intertwining of several factors: strong and sharp cooling in the U.S. geo-politics direction about Iran’s intention to begin enriching uranium, and the weakening of the dollar against five major currencies. Since the beginning of 2010, oil prices have fallen by nearly 10 percent mainly due to the increase in raw material stocks in the U.S., aggressive monetary-credit policy in China and because of doubts about the financial stability in Europe. Two hours after trading opened in London, March futures added 9 cents to $ 71.82 a barrel, after having decreased slightly in the morning. U.S. trade with appreciation Monday close of 70 cents to $ 71.89 a barrel.
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The European Union today rejected new emissions targets proposed by the United States and China, on the ground that are too low to prevent catastrophic climate change, forward Journal Times. The dispute between the three main forces of the summit on climate change in Copenhagen darkened first day of negotiations and shattered hopes that will soon be reached on emissions. The EU has called U.S. President Barack Obama to announce higher goals next week when he will come to Copenhagen for the last day of the conference – 18th December. Representatives of the United States, however, insist that the proposed emission occurs before 10 days after Barack Obama was “remarkable” and in line with the recommendations of scientists. Obama suggested the United States emissions to be reduced by 4 percent compared to 1990 levels until 2020 did the EU have committed to cut emissions by 20 percent over the same period. Moreover, the EU is committed to the reduction to 30 percent if other countries are ready to take “such action”.
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The main stock indexes in the United States did not make an exception and also went to negative territory in early session today after holiday similar to those in Asia and Europe. Among losers ran those companies from the financial, energy and extractive industries. Reason for this were concerns about the inability of the state’s largest investment holding company of Dubai to pay its obligations. The way in which world financial markets reacted to news about the financial difficulties of the emirate of Dubai, showed how market participants remain sensitive to any bad news from the financial sector. Today’s trading will be shortened by half and therefore the liquidity is expected to remain low until the end of the trading session, which will end at 20:00 pm local time. The index of the 30 most liquid companies large and Dow Jones IA decreases by 1.2% to 10 341.6 points an hour and a half after the beginning of the session. On Wednesday, the stock measure reached its highest peak in the last 13 months of good data on the housing market and the labor market. A broader index S & P 500 also lost 1.2 percent to 1 097.3 points, after the very beginning of the session are reduced by 2.5%. The index, which combines all companies in exchange Nasdaq – Nasdaq Composite, retreated 1% to 2 153.5 points.
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Expanding markets in Central and Eastern Europe will suffer relatively good shocks, created after the credit crunch in Dubai, says an analysis of the Italian UniCredit. The reason for this is that banks in the region are not directly affected, as in Western Europe. Another analysis of Credit Suisse predicts that financial institutions in Western Europe stand to lose nearly 13 billion dollars in the bankruptcy of the Dubai government investment fund Dubai World. According to UniCredit Central and Eastern Europe for short will be negatively affected by debt problems of Dubai as there is an increase in so-called Risk Aversion or willingness to invest in less risky assets. The bank argued that the presence of the IMF in some countries in the region has some stability. In conclusion the bank determines that Eastern Europe will be affected, but only in the short term, not long, and is not expected to have a serious debt problem in the region. Regarded as one of the most brilliant financial centers in the world until a year ago, Dubai is now among the most uncreditworthy countries on the planet. Again according to Credit Suisse analysis of the emirate to the obligations of European banks are more than 13 billion euros. Spark of hope given the solidarity shown by Abu Dhabi. Two banks of the emirate already unlocked $ 5 billion needed for the most urgent needs of Dubai, cited by BNR correspondent in Beirut.
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The European indexes closed in positive territory, trading, fell after concerns about the effect of the Dubai requested postponement of debt payments. Shares of Royal Bank of Scotland, which provided the greatest amount of loans of the Dubai government investment holding company Dubai World from January 2007 onwards, jumped 5.2 percent after yesterday fell to a seven-month minimum. Michelin and Volkswagen shares up led by the automotive sector yesterday after the industrial group of companies for cars and auto parts, included in the index Dow Jones Stoxx 600 slipped 4.3 percent. Stoxx 600 ended the session with an increase of 1,3 percent to 242.85 points, after earlier in the day lost 1.8 percent. Index yesterday reported the strongest decline since April because of the news from Dubai. Major national indexes rose in all 18 western European markets except Luxembourg and Iceland. The UK’s FTSE rose 1% to 5245.73 points, the French CAC 40 advanced by 1,2 per cent to 3721.45 points while the German DAX added 1.3 percent to 5685.61 points.
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The index of investor confidence in the euro zone rose to -12.6 points in October from -14.6 points in September. This is the highest value of the index of July 2008, it is clear from the data of the research institute Sentix. Economists had predicted a slightly stronger growth of the barometer of investor confidence to -12 points. The index recorded a monthly increase for the seventh last eight months under the influence of expectations that Europe’s economic situation will improve. Moreover, the uncertainty of investors regarding the U.S. economy has disappeared. Increases significantly and their assessment for developing economies, particularly those from Latin America. The study of Sentix was conducted in early September, among the 3 thousand individual and institutional investors. It reveals that their optimism for the future is growing again because of the expectations index rose by 5.75 points to 5.5 points for September. Assessment of current economic conditions rose to -29.25 to -32.75 points points.
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