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REFILE-European stocks slide; banks, miners weigh
Thu, 26th Nov 2009 10:22
LONDON, Nov 26 (Reuters) - European shares slipped 1.2
percent early on Thursday, weighed by weakness in banks and
commodity stocks, mirroring falls in Asia where exporters were
hit by a decline in the dollar.
By 0811 GMT, the FTSEurofirst 300 was down 12.14
points at 1,009.81.
Financials were among to top losers, with Barclays,
HSBC, BNP Paribas and Deutsche Bank falling between 1.6 and 2.3 percent.
'There's been a retracement in Asia overnight and the
banking sector has taken a hit. There are ongoing concerns on
the dollar,' said Paul Webb, chief dealer at CMC Markets.
The Shanghai composite index dropped 3.6 percent in
heavy trade on Thursday, with banks weak, as investors fled the
market amid mounting worries that the government may take steps
to clamp down on surging asset prices.
The dollar tumbled to its lowest level in 14 years against
the yen and hit a 1-1/2-year low against the Swiss franc,
tripping sell orders as investors sold on the view its
broadbased weakness has further to go.
The strengthening euro, which touched a 15-month high of
$1.5145 against the greenback on Wednesday, has revived
worries over European exporters' results.
Metal prices and crude were weaker, hurting mining
stocks and energy majors.
Rio Tinto, Xstrata, Lonmin, Anglo
American, Kazakhmys and Fresnillo were
down 0.5 and 1.6 percent, while BP and Shell
lost 0.5 and 0.8 percent respectively.
U.S. markets will be closed on Thursday for Thanksgiving
Day.
France's CAC, Germany's DAX and Britain's
FTSE 100 were off between 0.6 and 0.8 percent.
(Reporting by Simon Falush)
((simon.falush@reuters.com. +44 20 7542 7681) Reuters Messaging:
simon.falush.reuters.com@reuters.net))
Keywords: MARKETS EUROPE STOCKS
* FTSEurofirst 300 down 2.1 percent
* Banks, LSE, autos hit by Dubai concerns
* Commodity stocks hit by falling crude, metal prices
* U.S. markets closed for Thanksgiving holiday
LONDON, Nov 26 (Reuters) - Debt problems in Dubai sent banks
and auto stocks sliding, contributing to a 2.1 percent fall in
European shares on Thursday, with energy and mining stocks hurt
by lower commodity prices.
By 0945 GMT, the FTSEurofirst 300 was down 22.74
points at 999.21 after it rose 0.5 percent in the previous
session.
Banks were the biggest drag on the index as concerns on the
health of the global financial system resurfaced as Dubai said
two of its flagship firms planned to delay repayment on billions
of dollars of debt.
Barclays, HSBC, BNP Paribas and
Deutsche Bank fell between 3.7 and 5.3 percent.
'Certainly the Dubai debt debacle and
the uncertainty that
it has created as a results of the Kingdom's forthcoming holiday
has had a severe knock on effect on European equity markets, as
well as throwing the bond market in to turmoil,' said David
Buik, senior partner at BGC Partners.
London Stock Exchange fell 4 percent as traders
cited concern that Bourse Dubai held a substantial stake in the
company.
Porsche fell 7 percent, as traders pointed to
worries that Qatar Investment Authority may cut its 10 percent
stake in the carmaker to boost liquidity after the Dubai
government asked for a debt standstill on two of its firms.
Shares in luxury auto peer Daimler fell 4.7
percent. Aabar Investments from Abu Dhabi owns a 9.1 percent
stake in the company and Kuwait owns a 6.9 percent stake. The DJ
Stoxx auto index was down 3.8 percent.
Prices of base metal and crude were weaker, hurting
mining stocks and energy majors.
Rio Tinto, Xstrata, Lonmin, Anglo
American, Kazakhmys and Fresnillo were
down 0.5 and 3.6 percent, while BP and Shell
lost 0.5 and 1.1 percent respectively.
U.S. markets are closed on Thursday for Thanksgiving Day.
France's CAC, Germany's DAX and Britain's
FTSE 100 were off between 1.8 and 2.2 percent.
(Reporting by Simon Falush; Editing by Mike Nesbit)
Keywords: MARKETS EUROPE STOCKS ============================================================= For rolling updates on what is moving European shares please click on ============================================================= For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices...................................... Reuters survey of world bourse outlook.......... Western European IPO diary........................... European Asset Allocation......................... Reuters News at a Glance: Equities............... Main currency report:............................... Keywords: MARKETS EUROPE STOCKS/ =2
(simon.falush@reuters.com. +44 20 7542 7681) Reuters Messaging: simon.falush.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
percent early on Thursday, weighed by weakness in banks and
commodity stocks, mirroring falls in Asia where exporters were
hit by a decline in the dollar.
By 0811 GMT, the FTSEurofirst 300 was down 12.14
points at 1,009.81.
Financials were among to top losers, with Barclays,
HSBC, BNP Paribas and Deutsche Bank falling between 1.6 and 2.3 percent.
'There's been a retracement in Asia overnight and the
banking sector has taken a hit. There are ongoing concerns on
the dollar,' said Paul Webb, chief dealer at CMC Markets.
The Shanghai composite index dropped 3.6 percent in
heavy trade on Thursday, with banks weak, as investors fled the
market amid mounting worries that the government may take steps
to clamp down on surging asset prices.
The dollar tumbled to its lowest level in 14 years against
the yen and hit a 1-1/2-year low against the Swiss franc,
tripping sell orders as investors sold on the view its
broadbased weakness has further to go.
The strengthening euro, which touched a 15-month high of
$1.5145 against the greenback on Wednesday, has revived
worries over European exporters' results.
Metal prices and crude were weaker, hurting mining
stocks and energy majors.
Rio Tinto, Xstrata, Lonmin, Anglo
American, Kazakhmys and Fresnillo were
down 0.5 and 1.6 percent, while BP and Shell
lost 0.5 and 0.8 percent respectively.
U.S. markets will be closed on Thursday for Thanksgiving
Day.
France's CAC, Germany's DAX and Britain's
FTSE 100 were off between 0.6 and 0.8 percent.
(Reporting by Simon Falush)
((simon.falush@reuters.com. +44 20 7542 7681) Reuters Messaging:
simon.falush.reuters.com@reuters.net))
Keywords: MARKETS EUROPE STOCKS
* FTSEurofirst 300 down 2.1 percent
* Banks, LSE, autos hit by Dubai concerns
* Commodity stocks hit by falling crude, metal prices
* U.S. markets closed for Thanksgiving holiday
LONDON, Nov 26 (Reuters) - Debt problems in Dubai sent banks
and auto stocks sliding, contributing to a 2.1 percent fall in
European shares on Thursday, with energy and mining stocks hurt
by lower commodity prices.
By 0945 GMT, the FTSEurofirst 300 was down 22.74
points at 999.21 after it rose 0.5 percent in the previous
session.
Banks were the biggest drag on the index as concerns on the
health of the global financial system resurfaced as Dubai said
two of its flagship firms planned to delay repayment on billions
of dollars of debt.
Barclays, HSBC, BNP Paribas and
Deutsche Bank fell between 3.7 and 5.3 percent.
'Certainly the Dubai debt debacle and
it has created as a results of the Kingdom's forthcoming holiday
has had a severe knock on effect on European equity markets, as
well as throwing the bond market in to turmoil,' said David
Buik, senior partner at BGC Partners.
London Stock Exchange fell 4 percent as traders
cited concern that Bourse Dubai held a substantial stake in the
company.
Porsche fell 7 percent, as traders pointed to
worries that Qatar Investment Authority may cut its 10 percent
stake in the carmaker to boost liquidity after the Dubai
government asked for a debt standstill on two of its firms.
Shares in luxury auto peer Daimler fell 4.7
percent. Aabar Investments from Abu Dhabi owns a 9.1 percent
stake in the company and Kuwait owns a 6.9 percent stake. The DJ
Stoxx auto index was down 3.8 percent.
Prices of base metal and crude were weaker, hurting
mining stocks and energy majors.
Rio Tinto, Xstrata, Lonmin, Anglo
American, Kazakhmys and Fresnillo were
down 0.5 and 3.6 percent, while BP and Shell
lost 0.5 and 1.1 percent respectively.
U.S. markets are closed on Thursday for Thanksgiving Day.
France's CAC, Germany's DAX and Britain's
FTSE 100 were off between 1.8 and 2.2 percent.
(Reporting by Simon Falush; Editing by Mike Nesbit)
Keywords: MARKETS EUROPE STOCKS ============================================================= For rolling updates on what is moving European shares please click on ============================================================= For pan-Europeanmarket data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices...................................... Reuters survey of world bourse outlook.......... Western European IPO diary........................... European Asset Allocation......................... Reuters News at a Glance: Equities............... Main currency report:............................... Keywords: MARKETS EUROPE STOCKS/ =2
(simon.falush@reuters.com. +44 20 7542 7681) Reuters Messaging: simon.falush.reuters.com@reuters.net)
COPYRIGHT
Copyright Thomson Reuters 2009. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
