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Titolo: DJ MARKET COMMENT: Europe Stocks Slump After Draghi Comments
Ora: 08/12/2011 18:03
Testo: By Polya Lesova
LONDON (Dow Jones)--European stocks sank on Thursday after the president of the European Central Bank poured cold water on speculation that the institution may ramp up purchases of government bonds.
The Stoxx Europe 600 index dropped 1.5% to end at 237.71.
Italian stocks posted particularly heavy losses, with the FTSE MIB index down 4.3% to 14,979.07. Banking group Mediobanca slumped 10.4% and aerospace and defense company Finmeccanica SpA dropped 9.4%.
Among other national benchmarks, Germany''s DAX 30 index declined 2% to 5,874.44 and France''s CAC-40 index sank 2.5% to 3,095.49.
At his news conference in Frankfurt, Mario Draghi said that the EU treaty prohibits the ECB from "monetary financing" and the bank is constrained by its institutional setup.
He was responding to a question regarding the ECB''s bond-buying program.
Draghi also said he was surprised by the "implicit meaning" given to his remarks last week that "other elements might follow" if European leaders put together a credible "fiscal compact."
"Draghi had no choice but to dampen hopes for more aggressive bond purchases as otherwise he would have taken away pressure on the EU summit to decide on the necessary reforms of the currency union," said Joerg Kraemer, chief economist at Commerzbank.
"But, even if one abstracts from these tactical considerations, the ECB seems not yet ready to step up its bond purchases," he wrote in a note.
The ECB on Thursday lowered its main refinancing rate by 25 basis points to 1%, asexpected. The bank also announced a number of measures to boost euro-area liquidity.
The spotlight now turns to the Brussels summit of EU leaders, which starts Thursday evening and continues on Friday.
Bank shares posted heavy losses, with Societe Generale SA down 7.2% in Paris and Commerzbank AG down 9.5% in Frankfurt.
The European Banking Authority will release data on bank recapitalization needs on Thursday evening.
The U.K.''s FTSE 100 index dropped 1.1% to 5,483.77, led lower by banks such as Lloyds Banking Group PLC, which fell 7.4%.
Supermarket giant Tesco PLC bucked the negative trend, ending up 0.1% after it reported a 7.2% rise in third-quarter group sales.
U.K. stocks didn''t show much reaction to news that the Bank of England kept interest rates and its bond-buying program unchanged, as expected.
In other European trade, shares of German fertilizer firm K+S AG dropped 5% after Deutsche Bank downgraded its rating tosell from hold, saying the stock''s valuation appears too high.
Shares of industrial conglomerate Alstom SA sank 7.7% in Paris after Credit Suisse downgraded the firm from outperform to neutral, as part of a broad review of the European capital-goods sector.
Ora: 08/12/2011 18:03
Testo: By Polya Lesova
LONDON (Dow Jones)--European stocks sank on Thursday after the president of the European Central Bank poured cold water on speculation that the institution may ramp up purchases of government bonds.
The Stoxx Europe 600 index dropped 1.5% to end at 237.71.
Italian stocks posted particularly heavy losses, with the FTSE MIB index down 4.3% to 14,979.07. Banking group Mediobanca slumped 10.4% and aerospace and defense company Finmeccanica SpA dropped 9.4%.
Among other national benchmarks, Germany''s DAX 30 index declined 2% to 5,874.44 and France''s CAC-40 index sank 2.5% to 3,095.49.
At his news conference in Frankfurt, Mario Draghi said that the EU treaty prohibits the ECB from "monetary financing" and the bank is constrained by its institutional setup.
He was responding to a question regarding the ECB''s bond-buying program.
Draghi also said he was surprised by the "implicit meaning" given to his remarks last week that "other elements might follow" if European leaders put together a credible "fiscal compact."
"Draghi had no choice but to dampen hopes for more aggressive bond purchases as otherwise he would have taken away pressure on the EU summit to decide on the necessary reforms of the currency union," said Joerg Kraemer, chief economist at Commerzbank.
"But, even if one abstracts from these tactical considerations, the ECB seems not yet ready to step up its bond purchases," he wrote in a note.
The ECB on Thursday lowered its main refinancing rate by 25 basis points to 1%, asexpected. The bank also announced a number of measures to boost euro-area liquidity.
The spotlight now turns to the Brussels summit of EU leaders, which starts Thursday evening and continues on Friday.
Bank shares posted heavy losses, with Societe Generale SA down 7.2% in Paris and Commerzbank AG down 9.5% in Frankfurt.
The European Banking Authority will release data on bank recapitalization needs on Thursday evening.
The U.K.''s FTSE 100 index dropped 1.1% to 5,483.77, led lower by banks such as Lloyds Banking Group PLC, which fell 7.4%.
Supermarket giant Tesco PLC bucked the negative trend, ending up 0.1% after it reported a 7.2% rise in third-quarter group sales.
U.K. stocks didn''t show much reaction to news that the Bank of England kept interest rates and its bond-buying program unchanged, as expected.
In other European trade, shares of German fertilizer firm K+S AG dropped 5% after Deutsche Bank downgraded its rating tosell from hold, saying the stock''s valuation appears too high.
Shares of industrial conglomerate Alstom SA sank 7.7% in Paris after Credit Suisse downgraded the firm from outperform to neutral, as part of a broad review of the European capital-goods sector.
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