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European stocks close at two week low
Kuala Lumpur News.Net
Saturday 21st November, 2009
Concerns about Ukrainian debt took centre-stage Friday on European stock markets.
The state-owned Ukraine railway company last week defaulted on a $550 million syndicated loan. Steps are being taken to restructure the loan, however nervousness has set in about Ukraine debt, and sovereign debt generally.
This weighed on banks, particularly those with exposure to Ukraine.
The DJ STOXX European banking index .SX7P fell 1.50%. Commerzbank, Swedbank, Societe Generale, Deutsche Bank, Credit Agricole, and UBS all lost between 2.30% and 3.70% of thei value.
The FTSEurofirst 300 .FTEU3 index of top European shares fell 0.70% Friday, and 1.60% for the week. Friday's close was the lowest since November 6.
In London the FTSE 100 was down 0.31%. The German DAX fell 0.68%. In Paris the CAC 40 was off 0.82%.
The Swiss SMI fell 0.15%. In Spain the Madrid General was down 1.08%.
The Bel-20 in Brussels was off 0.09%.
The only two gainers were the Oslo All Share index which rose 0.30% and the Stockholm General in Sweden which was up 0.08%.  Email this story to a friend
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