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FTSE falls as eurozone summit fails to impress ratings agencies

Markets fall after a weekend of reflection on the European summit, which provided no immediate solution to the sovereign debt crisis.

 

The euro fell dramatically as it lost 1.46% against sterling to €1.3184.

Stock markets in Europe made a loss: Germany’s DAX index dropped 3.34% to 5,786, France's CAC 40 index lost 2.61% to 3,089, and the FTSEurofirst 300 index of top European shares fell 1.7% to 969.

Stateside markets followed Europe’s performance to open with losses across the board. The Dow Jones Industrial Average shed 1.73% to 11,972, the Standard & Poor's 500 index fell 1.69% to 1,233, and the Nasdaq Composite index dropped 1.94% to 2,595.

The dollar strengthened up 1.145 to 79.5 cents against sterling and there was an influx of purchases into US treasuries as yields fell back to 1.996% from 2.066%. Gold prices fell to $1,662 an ounce.

Other company news

Citywire Top Stock Domino Printing (DOPR.L) made the biggest loss on the FTSE 250, down 55.9p, or 11.35%, to 436p ahead of its preliminary results tomorrow.

Mothercare (MTC.L) gained 7.4p, or 4.6%, to 168p on reports that private equity house Cinven is considering buying the beleaguered retailer.

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1 comment so far. Why not have your say?

SamP

Dec 12, 2011 at 19:28

Thankgoodness Cameron stands up for what he believes in. As London is looked on as being the worlds financial capital, its no wonder that Merkozy want some of that prestige. Their co-called treaty still does not address the Euro problems, hence the comments by the credit agencies today.

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