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  • BBC News - Markets Welcome Spanish Banks Rescue Deal

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    Markets worldwide have risen in response to the 100bneuro ($125bn? PS80bn) bailout of Spain's banks that was agreed over the weekend. The Dow Jones opened up 0.7%. The FTSE 100 in London rose 0.5%, the Dax in Frankfurt was up 1.4% and the Cac 40 in Paris was up 1.1%.

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    Markets worldwide have risen in response to the 100bneuro ($125bn? PS80bn) bailout of Spain's banks that was agreed over the weekend. The Dow Jones opened up 0.7%. The FTSE 100 in London rose 0.5%, the Dax in Frankfurt was up 1.4% and the Cac 40 in Paris was up 1.1%.

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    7 Ansichten2 Seiten

    BBC News - Markets Welcome Spanish Banks Rescue Deal

    Hochgeladen von

    axillez
    Markets worldwide have risen in response to the 100bneuro ($125bn? PS80bn) bailout of Spain's banks that was agreed over the weekend. The Dow Jones opened up 0.7%. The FTSE 100 in London rose 0.5%, the Dax in Frankfurt was up 1.4% and the Cac 40 in Paris was up 1.1%.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 2

    6/11/12

    BBC News - Markets welcome Spanish banks rescue deal

    BUSINESS
    11June2012Lastupdatedat13:40GMT

    MarketswelcomeSpanishbanksrescuedeal
    MarketData
    DowJones Nasdaq FTSE100 Dax Cac40 BBCGlobal30
    LASTUPDATEDAT15:15GMT

    12516.40 2847.17 5442.07 6162.50 3056.82 5987.60

    37.80 11.25 6.99 31.68 5.13 7.42

    0.30% 0.39% 0.13% 0.52% 0.17% 0.12%

    Marketwatchticker

    DATADELAYEDBY15MINS

    Marketsworldwidehaveriseninresponsetothe100bneuro($125bn80bn)bailoutofSpain'sbanksthatwasagreed overtheweekend. TheDowJonesopenedup0.7%.TheFTSE100inLondonrose0.5%,theDaxinFrankfurtwasup1.4%andtheCac40inParis wasup1.1%.Madrid'sbenchmarkIbexindexrose1.4%. Theyieldson10yearSpanishgovernmentbondsanindicatorofitscostofborrowingrosesharplyto6%. Italianyieldsbrieflyroseabove6%. ThereisconcernthatthefocusofthemarketsmayturntoItalynowthatthebankbailoutinSpainhasbeenagreed. TheNikkeiinTokyoclosedup2.0%.TheHangSenginHongKongclosedup2.4%. Spain'sweakestbankswereleftwithbillionsofeurosofbadloansfollowingthecollapseofapropertyboomandthesubsequent recession. Onthebondmarkets,theyieldonSpanish10yearbondsbrieflydroppedbelow6%.Bondyieldsaretakenasanindicationofthe interestratesthatgovernmentswouldneedtopaytoborrowmoney. TheexactamountofemergencyfundingthatSpainwillreceivewillbedecidedaftertwoauditsofitsbanksarecompletedwithin thenextfewdays. Spainisinitssecondrecessioninthreeyearsandtheeconomyisexpectedtoshrinkby1.7%thisyear. "TheSpanishannouncementisnotasolutiontotheeurozone'songoingwoes,butitisastatementofintent,"saidRichardHunter fromHargreavesLansdownstockbrokers. "SomemuchneededtimehasnowbeenboughtinSpain,whichwillallowthemarketanatleasttemporarysighofrelief."
    'Happyorhumiliated'

    SpanishjournalistMiguelAnxoMuradotoldBBCNewsthatmanySpanishpeopleweresurprisedtherehadbeenabailoutatall.

    www.bbc.co.uk/news/business-18391824

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    6/11/12

    BBC News - Markets welcome Spanish banks rescue deal

    "Thegovernmenthasbeenverysuccessfulatdenyingtheneedforthisbailout,"hesaid. "Nowthecontroversyisactuallywhetherweshouldbehappyorhumiliatedaboutthis." ThereweredemonstrationsagainstthebailoutinSpainonSunday. TheSpanishgovernmentsaidinastatementlateonSundaythatitwascommittedtoitsprogrammeofeconomicreforms. Inastatementontheeconomicsministry'swebsite,itsaidtheSpanishTreasurywouldcontinuetoborrowmoneycommercially andwouldcontinuewithitsplannedprogrammeofbondauctions. Thenextbondauctionsscheduledareshorttermsaleson19and21June,aftertheGreekelectionson17June,whichwillbethe nextkeytestfortheeurozone. Thegovernmenthasbeenkeentostressthatitisthebanksthathavebeenbailedout,notthecountry. ButinaninterviewonMondaymorning,EUcompetitioncommissionerJoaquinAlmuniasaidtherewouldbeatroikaofauthorities tooverseethefinancialassistance,justashappenedwithGreece,PortugalandtheRepublicofIreland. ThetroikawillbemadeupoftheInternationalMonetaryFund,theEuropeanCentralBankandtheEurogroupofeurozonefinance ministers.
    'Alottodo'

    TheriseinItalianbondyieldssuggeststhatinvestorsareconcernedaboutwhetherItalywillbethenextcountrytogetinto difficulties. ButItaly'seconomicdevelopmentminister,CorradoPassera,hassaidthathiscountryhasalreadytakenthenecessary measures. "Thisgreatdisciplinethatwehaveimposedonourselvesintermsofpublicfinancesmakesusoneofthecountriesbestequipped toconfrontthefinancialturbulencethatEuropefindsitselfintoday,"hesaid. OfficialfiguresonMondayconfirmedthattheItalianeconomyhadcontractedby0.8%inthefirstthreemonthsof2012. MrPasseraconcededthatItalystillhad"alottodo"toboostgrowth.

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    BBC2012TheBBCisnotresponsibleforthecontent ofexternalsites.Readmore.

    www.bbc.co.uk/news/business-18391824

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