FTSE rises but Eurozone still weighs on some bank stocks August 15, 2011 ARALLY by commodity issues on a brighter demand picture pulled Britain’s top share index higher yesterday, though weakness in banks dented some sentiment as investors looked cautiously ahead towards a key meeting today on the Eurozone debt crisis. French President Nicolas Sarkozy will meet German chancellor Angela Merkel in Paris to discuss further steps to [...]
Fears focus on volatility as markets open August 14, 2011 TRADERS will return to work this week hoping for a calmer start than last Monday, when the downgrade of the US credit rating sparked the highest levels of volatility seen in years in US and European markets. Traders were described as “shell shocked” and investors “scared and nervous” after a week in which the FTSE [...]
French economic growth grinds to a halt – Greek GDP plunges August 12, 2011 French economic growth ground to a halt in the second quarter of 2011, raising pressure on President Nicolas Sarkozy to cut spending and abolish tax breaks ahead of elections as he tries to convince nervous financial markets that he will deliver on debt reduction targets. France’s statistics office said economic output, as measured by gross [...]
Banned August 11, 2011 EURO SHORT SELLING OFF AFTER MARKET MAYHEM FOUR key Eurozone nations are to ban short selling of financial stocks for at least 15 days in a bid to halt the turmoil engulfing markets. Europe’s financial markets watchdog said France, Italy, Belgium and Spain would impose the ban from today to combat the volatility hitting banks [...]
QUELLE HORREUR August 10, 2011 MARKETS PLUNGE AGAIN AS €10BN WIPED OFF FRENCH BANKS FRENCH president Nicolas Sarkozy raced back from holiday for crisis talks on the country’s public finances yesterday amid swirling rumours of a sovereign downgrade and over the health of its number two bank Societe Generale. Share prices in the US and Europe dived sharply as fresh [...]
Bank stocks hit by France debt fears August 10, 2011 Banking stocks have taken a battering today over fears that France may be the next sovereign to face a ratings cut. French president Nicolas Sarkozy has ordered new budget cuts to reduce France’s public spending deficit, a response to market concerns over its indebtedness. Shares in French banks, which are among the most exposed to [...]
Lagarde investigated by court August 4, 2011 Christine Lagarde, the newly-elected head of the International Monetary Fund, is to face a judicial inquiry into whether she was wrong to approve a large out of court settlement to a controversial French businessman, Bernard Tapie. Tapie, a close supporter of president Nicolas Sarkozy, was paid €285m (£249m) from the French state in 2008 to [...]
LAGARDE’S ODD CHANGE OF HEART ON HER BUDGET July 27, 2011 A SWIFT turnaround for silver vixen Christine Lagarde, who ascended the abruptly vacant throne of the International Monetary Fund (IMF) earlier this month. Back in March, as French finance minister, Lagarde unveiled a “historical” budget to bring France’s finances back into line. “Reducing the deficit is an economic imperative and a commitment to Europe,” she [...]
Markets cheer Eurozone deal July 21, 2011 MARKETS rallied after Eurozone leaders agreed to a new Greek rescue that will cut the country’s debt by 12 per cent of GDP from its current 140 per cent level and see the EU’s bailout fund given sweeping new powers. The deal, fronted by French president Nicolas Sarkozy, will also see most private holders of [...]
Europe agrees sweeping new powers for rescue fund July 21, 2011 Eurozone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region. French President Nicolas Sarkozy said leaders of the 17-nation currency area had agreed to ease lending terms to Greece, Ireland and [...]