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Shares slide despite Spanish bank bailout deal


economy

Shares slide despite Spanish bank bailout deal

Europe’s stock markets are in the red with traders responding to global macro-economic events as well as company earnings.

Borrowing costs rose higher for the Spanish government even as a bailout deal was approved for Spain’s banks.

There was also pessimism about the global economy which earlier caused a sell off in Tokyo.

Frankfurt trader Fidel Helmer said: “On one hand you’ve the weak Japanese markets down 1.4 percent, and then there are investor worries about Spanish bonds’ high interest rates, a situation that is not improving despite the 100 billion euro bailout.”

The main Spanish and Italian share indexes slumped by the most. Those countries are particularly vulnerable to high borrowing costs for their debt.

The euro also fell against other currencies.
bout Spanish bonds’ high interest rates, a situation that is not improving despite the 100 billion euro bailout.”

The main Spanish and Italian share indexes slumped by the most. Those countries are particularly vulnerable to high borrowing costs for their debt.

The euro also fell against other currencies.

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