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Wednesday: Scepticism over US foreclosure plan


Wednesday: Scepticism over US foreclosure plan


Europe-wide shares finished the day lower after President Obama’s plan to stem home foreclosures in the US was greeted with scepticism.

In addition investors remain concerned about the deepening recession and there were disappointing company results from the likes of sporting-goods firm Puma. Banking stocks gained, recovering from falls during Tuesday’s session that were due to worries over their exposure to eastern European countries. However, Royal Bank of Scotland lost 12.6 percent on a report it will have to raise more capital. Oil prices remain weak on renewed economy concerns, slumping demand and bloated inventories.

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