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European equities give up early gains
New York City News.Net
Friday 21st November, 2008
European shares traded higher for most of Friday but wilted towards the end.
The reason as always was the opening of the U.S. markets. Wall Street was weak at the outset and that sent European traders to the sell buttons. It underlines how the weakness of U.S. markets is a contagion for global equities.
As it was American markets turned up later in the day leaving Europe the odd region out on the world stage, with indices averaging their worst close in five years.
Ironically banking stocks were strong in European trading but turned sour when U.S. markets opened with intense speculation surrounding the future of Citigroup.
As it transpired, taking their lead from Wall Street, European traders sent banking stocks south.
Credit Suisse finished the day down 9.8%, UBS fell 6.4%, while Deutsche Bank shed 9.4%.
Energy stocks were weak as oil traded around $50 a barrel.
At the close of trading in Europe Friday the German Dax was down 92.79 points or 2.20% at 4,127.41.
The Paris-based CAC 40 shed 99.16 points or 3.33% to 2,881.26. The Swiss SMI was off 197.38 points or 3.72% at 5,108.72.
London's FTSE 100 dropped 97.72 points or 2.52% to 3,777.27.
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