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Equity Market News 05th July 2008

Equity Org Headlines:

Crude prices gain but precious metals decline

Barratt announces 1,000 job losses

Investment banking jobs get the chop at Goldman and Citigroup

ECB raises Eurozone interest rates

7,000 jobs to go at American Airlines

General Motors shares slump to 54-year low

Crude oil, copper in new highs

M&S warns of tough times ahead

Taylor Wimpey fails to secure funding, shares fall 46%

USD, pound weaken

13/09/05

Permalink 05:33:59 pm, Categories: Europe Eurofirst, Manufacturing, Energy & Power, Cars, Oil, 225 words  

Economic concerns hit Eurofirst and Xetra Dax

In Europe on Tuesday, equities markets were down as concerns in several areas affected investors. The FTSE Eurofirst 300 dropped 0.7 percent to 1,201.33, while in Frankfurt the Xetra Dax fell by 1.7 percent to 4,903.15.

Among the worries leading to the declines were continuing high oil prices and the general state of the global economy. The biggest immediate worry, however, seemed to be the German parliamentary elections scheduled for Sunday.

The gap between the two leaders has been shown in polls to be narrowing, and investors are worried that the lack of a clear victory by one or the other will result in a coalition government that will not be willing or able to act on economic reform.

German carmakers seem especially hard-hit on the day. DaimlerChryslyer was down 2.7 percent to €40.80, Volkswagen fell 2.3 percent to €44.13, and BMW lost 2.2 percent to €36.46. In addition, tire-maker Continental fell by 2.7 percent to €65.84.

The energy sector also saw losses. Italian oil company Saipem fell 1.9 percent to €13.30 and Norwegian firm Statoil lost 1.6 percent to NKr158.50, while Neste Oil of Finland dropped 0.8 percent to €28.40.

The paper manufacturing sector, however, saw gains on the day even though analysts’ assessments for the sector were mixed. Stora Enso of Finland gained 2.1 percent to €11.41 and UPM-Kymmene added 1.9 percent to €16.50. Elsewhere in the sector, Norske Skogindustrier of Norway was up 1.7 percent to NKr104.50 and Holmen of Sweden gained 2.3 percent to SKr242.

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