Economy World

European markets still in decline at mid-session

(Reuters) – On Friday European shares retreated still mid-session , the CAC 40 falling by 0.89% to 3102.23 points.

In Frankfurt the Dax gave 0.49% and London, the FTSE lost 0.58% while the Eurostoxx 50 index fell back pan of 0.69%.

U.S. markets are in turn expected to be down at the opening, amid concerns about the banking sector in Europe and the United States and on the future of Greece.

JPMorgan Chase, the first U.S. bank by assets, has cast a pall over the markets by announcing Thursday it recorded a trading loss of two billion dollars (1.5 billion) following a failed strategy coverage, which has forced its CEO media to apologize.

In Europe, the situation of banks also concerned. UBS warned of a “significant risk” of Spanish banks, sovereign debt and the economy if the reform plan of the Spanish government to consolidate its banking sector, to be presented Friday.

Concurrently, Greece remains at the center of attention. The leader of the Democratic Left, Fotis Kouvelis, has dampened the hopes of reaching an agreement on forming a coalition government excluding Greece to join the parties supporting the rescue plan, which should lead the country to new elections.

The bleak climate in the markets is also linked to persistent concerns over the health of the global economy. In China, the publication of figures for industrial production, considered disappointing, have increased fears of a slowdown in the second world economy. Moreover, the European Commission confirmed predict a decrease of 0.3% of GDP in the euro area in 2012.

 

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