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European shares hit longest losing run since 1998
Published in Saudi Press Agency on 24 - 06 - 2011

European shares extended their losing run to eight weeks on Friday, the longest losing streak since 1998, as uncertainties about Greece's debt crisis persisted, and with Italian banks falling heavily, according to Reuters.
The FTSEurofirst 300 index of top European shares fell 0.1 percent to 1,074.16 points, the lowest close in more than three months. Over the week, the index fell 1.2 percent, down for the eighth straight week, on concern about the euro zone and slowing global growth.
Volume was high, at 123.9 percent of the index's 90-day average.
Italian banks UniCredit and Intesa Sanpaolo fell 5.5 and 4.3 percent respectively, as worries circulated about their capital positions and the deepening euro zone crisis. UniCredit hit a two-year low.
Both stocks were suspended for part of the session, due to the sharp movements, but their volumes were still above their respective 30-day averages.
The STOXX Europe 600 Banking Index fell 1.6 percent and is down 9.7 percent this year.
"There's been a flight out of banks, even the stronger ones," said Colin McLean, managing director at SVM Asset Management in Edinburgh.
"There's an increasing feeling in the market that some form of default in Greece is absolutely necessary. Even if they vote for austerity, they won't necessarily carry it through. And there are worries about big balance sheets (in the banking sector), risk of impairments and lack of transparency."
Lloyds and Royal Bank of Scotland , the two British banks in which the state has a sizeable stake, fell 4.1 and 3 percent respectively.
The euro zone's debt crisis poses the biggest threat to Britain's financial stability and banks must come clean on their full exposure, Britain's new risk watchdog said on Friday.
Greek Prime Minister George Papandreou said on Friday he expected his socialist party to muster the parliamentary majority required to pass a mid-term austerity plan next week.
Without approval of the plan, Greece will not receive the next tranche of an EU-IMF bailout and will not be able to meet its payments next month.
Across Europe, Britain's FTSE 100 ended the day 0.4 percent higher; Germany's DAX and France's CAC40 fell 0.4 and 0.1 percent respectively.
The Thomson Reuters Peripheral Eurozone Countries Index fell 1.3 percent.


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