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reports from yesterday on
Shares tumble as eurozone summit deal on the brink | Business | guardian.co.uk
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2.06pm: Stock markets have turned negative after comments from German chancellor Angela Merkel and rumours that tomorrow's meeting of eurozone finance ministers has been cancelled. The FTSE has tumbled more than 30 points to 5515, a 0.6% fall. Spain's Ibex is down 1.1%, Portugal's PSI 1.4% and Italy's FTSE MIB 1.2%.
Merkel said Germany was opposed to a phrase in the draft EU summit document that calls for support for the continued use of 'non-standard measures' by the European Central Bank. EU sources told Reuters said the phrase referred to the ECB's purchase of bonds from countries like Italy and Spain.
2.37pm: David Gow in Brussels has just called to say the Ecofin meeting on Wednesday is "definitely off" but the EU leaders summit is still going ahead
2.41pm: The FTSE is now off 67 points, or 1%, while the Dax is down 1.1% and the CAC has tumbled 2%.
3.18pm: Our man in New York, Dominic Rushe, says:
The Senate hearing on the impact of the European debt crisis and its impact on the US is underway. Rep Gary Miller is saying 35% of US exports are to Europe. "We've already seen the impact on US stock prices," he says. "Stability is the Eurozone is very important to the
US."
He's speaking as all the US markets are down following the decision to cancel the Ecofin meeting. The Dow is now down over 144 points, 1.22%.
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:-0 Yikes!
reports from yesterday on
Shares tumble as eurozone summit deal on the brink | Business | guardian.co.uk
========================================================================
2.06pm: Stock markets have turned negative after comments from German chancellor Angela Merkel and rumours that tomorrow's meeting of eurozone finance ministers has been cancelled. The FTSE has tumbled more than 30 points to 5515, a 0.6% fall. Spain's Ibex is down 1.1%, Portugal's PSI 1.4% and Italy's FTSE MIB 1.2%.
Merkel said Germany was opposed to a phrase in the draft EU summit document that calls for support for the continued use of 'non-standard measures' by the European Central Bank. EU sources told Reuters said the phrase referred to the ECB's purchase of bonds from countries like Italy and Spain.
2.37pm: David Gow in Brussels has just called to say the Ecofin meeting on Wednesday is "definitely off" but the EU leaders summit is still going ahead
2.41pm: The FTSE is now off 67 points, or 1%, while the Dax is down 1.1% and the CAC has tumbled 2%.
3.18pm: Our man in New York, Dominic Rushe, says:
The Senate hearing on the impact of the European debt crisis and its impact on the US is underway. Rep Gary Miller is saying 35% of US exports are to Europe. "We've already seen the impact on US stock prices," he says. "Stability is the Eurozone is very important to the
US."
He's speaking as all the US markets are down following the decision to cancel the Ecofin meeting. The Dow is now down over 144 points, 1.22%.
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:-0 Yikes!
