View the article online at http://citywire.co.uk/money/article/a552095
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
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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