Al Khaleej stuns Al Hilal with 3-2 victory, ending 57-match unbeaten run    Turki Al-Sheikh crowned "Most Influential Personality in the Last Decade" at MENA Effie Awards 2024    Saudi Arabia arrests 19,696 illegals in a week    SFDA move to impose travel ban on workers of food outlets in the event of food poisoning    GACA: 1029 complaints recorded against airlines, with least complaints in Riyadh and Buraidah airports during October    CMA plans to allow former expatriates in Saudi and other Gulf states to invest in TASI    11 killed, 23 injured in Israeli airstrike on Beirut    Trump picks billionaire Scott Bessent for Treasury Secretary    WHO: Mpox remains an international public health emergency    2 Pakistanis arrested for promoting methamphetamine    Move to ban on establishing zoos in residential neighborhoods    Moody's upgrades Saudi Arabia's credit rating to Aa3 with stable outlook    Al Okhdood halts Al Shabab's winning streak with a 1-1 draw in Saudi Pro League    Mahrez leads Al Ahli to victory over Al Fayha in Saudi Pro League    Saudi musical marvels takes center stage in Tokyo's iconic opera hall    Saudi Arabia and Japan to collaborate on training Saudi students in Manga comics Saudi Minister of Culture discusses cultural collaboration during Tokyo visit    Al Khaleej qualifies for Asian Men's Club League Handball Championship final    Katy Perry v Katie Perry: Singer wins right to use name in Australia    Sitting too much linked to heart disease –– even if you work out    Denmark's Victoria Kjær Theilvig wins Miss Universe 2024    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.


Clic here to read the story from its source.