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Banks, oils drag European shares lower at close
Published in Saudi Press Agency on 18 - 12 - 2009

European shares closed lower on Friday, with banks falling as ongoing concerns about tough new Basel regulations weighed and oils down after crude prices retreated, according to Reuters.
The FTSEurofirst 300 index of leading European shares closed 0.5 percent lower at 1,013.15 points in a choppy session after being up as much as 1,028.34.
The index is up 57 percent since reaching a record low in early March and is up 22 percent for the year.
"Volumes are low so you tend to get some spikes here and there. People are still getting out of banks because of yesterday"s weakness," said Joshua Raymond, market strategist at City Index.
"Historically from today you will see the weakest volumes for the whole year from now until the New Year. A lot of people are just winding down their positions and will come back in the New Year."
Banks were the worst performers continuing their decline from the previous session. Barclays, Credit Agricole, UBS and Lloyds Banking Group fell 3 to 7.1 percent.
Oil stocks retreated from earlier gains as crude moved closer to $73 a barrel. Royal Dutch Shell, Repsol and Total were down 0.4 to 1.8 percent.
DRUGMAKERS GAIN
Drugmakers were on the upside. Sanofi-Aventis rose 2.4 percent after the French drugmaker said on Thursday it aims to double sales at its Sanofi Pasteur vaccines business by 2013.
Software providers were in demand. SAP gained 2.1 percent after its main rival Oracle reported a surprise increase in new software sales and said growth could accelerate this quarter as corporate IT spending picks up.
"Investors have been reluctant to allow the market to trade down very far," said Mike Lenhoff, strategist at Brewin Dolphin, in London.
"When there"s a sell-off, it seems there are investors coming back in there, though volumes are lower."
Macroeconomic indicators were mixed, with German business sentiment rising in December, hitting its highest level since July 2008. The Munich-based Ifo thinktank said its business climate index, based on a monthly survey of some 7,000 firms, rose to 94.7 from 93.9 in November.
But a survey showed that French company bosses were less confident about their prospects in December, adding to signs that the economic recovery is fragile. Across Europe, the FTSE 100 index was down 0.4 percent, Germany"s DAX was 0.2 percent lower and France"s CAC 40 fell 1 percent.


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