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Markets: 10th November

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Markets: 10th November

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European shares fluctuated through the day and ended slightly lower.

Among the factors HSBC reported its profit so far this year is higher than at the same time in 2008 causing its share to rise four percent. On the negative side, the German ZEW economic think tank’s monthly poll showed German analyst and investor sentiment declined by more than expected in November, dropping to its lowest level in four months. Telecom shares dipped after some elements of Vodafone’s results disappointed. Vodafone was down 1.5 percent after the group’s earnings margin declined 2.1 percentage points, due to tough competition in emerging markets such as India and a turnaround plan in Turkey. Miners lost value along with metal prices. Preferred shares in Volkswagen plummeted 15.8 percent and VW’s ordinary shares fell eight percent after Qatar Holdings said it will sell 1.8 billion euros worth of the preference shares. Other carmakers were also lower. The dollar was up against the euro, the yen and the pound. Sterling was also hit by ratings agency Fitch saying highly-indebted Britain is the major economy most at risk of losing its triple-A rating.