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European Market Overview July 7th 2011
Last Updated on Thursday, 07 July 2011 16:49
- European stocks declined, halting a seven-day rally, as China raised interest ratesand Moody’s Investors Service cut Portugal’s credit rating to junk. Banco EspiritoSanto SA and Banco Comercial Portugues SA led Portuguese banks lower, slidingmore than 5 percent.
- Carlsberg A/S, the owner of Russia’s biggest brewer, dropped 4.4 percent after areport that the nation may tighten regulation of alcoholic-drink sales. The Russiangovernment may ban sales of drinks containing more than 0.5 percent alcohol atnight and in kiosks.
- The benchmark Stoxx Europe 600 Index fell 0.3 percent to 274.79 in London, endingthe longest winning streak in two months. The gauge had surged 4.4 percent overthe previous seven days as Greek lawmakers passed a five-year austerity package,qualifying the country for further European Union aid. The measure has still fallen5.6 percent from its February high amid speculation the region’s fiscal crisis willderail the economic recovery.
- Greece’s bondholders met with officials in Paris today to discuss a proposed rolloverof the nation’s debt as EU leaders insist that private investors contribute to a newaid package for Greece after last year’s 110 billion-euro ($159 billion) rescue.Germany revived a plan for a voluntary debt swap to lengthen Greek bondmaturities, underscoring how investors and government officials are struggling todevise a role for creditors in a bailout without triggering a default.
- National benchmark indexes fell in all 18 western European markets, except Iceland.France’s CAC 40 Index and the U.K.’s FTSE 100 lost 0.4 percent, while Germany’sDAX Index retreated 0.1 percent.
- “Portugal’s credit downgrade is definitely the news spoiling the atmosphere today,”said Matthias Jasper, head of equities at WGZ Bank AG in Dusseldorf. “We’re goingto see a small setback, but the environment for equities is still positive.”
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