Al Nassr crash out as Kawasaki Frontale reach AFC Champions League Elite final    Saudi and Jordanian foreign ministers discuss Gaza situation    HR Ministry approves regulations for job ads and interviews in private sector    Will US tariff hikes affect Saudi Arabia? Kingdom largely insulated as oil exports remain exempt and non-oil sectors gain a pricing edge    Mataf nearly empty as entry to Makkah restricted to Hajj visa holders    Cinema revenues account for SR845.6 million in 2024 17 Saudi films among 504 films screened    Saudi Transplant Congress discusses scientific advancements and innovations on organ donation and transplantation    Mawani and Alissa Universal Motors sign agreement worth SR300 million to establish Logistics Zone at King Abdulaziz Port in Dammam    4 Chinese nationals arrested in Makkah for promoting fake Hajj campaigns    Saudi Arabia urges India and Pakistan to de-escalate tensions    Trump congratulates Canada's Carney as they agree to meet in 'near future'    Sánchez vows to uncover reasons behind massive Iberian power outage    Al-Khereiji at BRICS: Saudi Arabia a reliable and neutral partner in endeavors for de-escalating tensions    Al Ahli stun Al Hilal to reach AFC Champions League Elite final    Saudi market shows resilience in Q1 2025 despite global volatility: Report    SR200,000 reward for each player of the Saudi club winning AFC Champions League title    William and Kate celebrate anniversary on Isle of Mull    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



European shares fall on Greek worries and Nokia
Published in Saudi Press Agency on 22 - 04 - 2010

European shares fell at midday on Thursday, with banks suffering as worries about Greece's massive debts persisted, and with Nokia tumbling after it said margins would weaken, according to Reuters.
At 1045 GMT, the FTSEurofirst 300 index of top European shares was down 0.9 percent at 1,085.86 points, having been as high as 1,102.69 earlier in the session. The index is up more than 68 percent from a record low in early March last year.
Greek banks were down 4.4 percent after Eurostat revised up Greece's budget deficit by nearly a full point to 13.6 percent of gross domestic product last year.
Other banks to fall included BNP Paribas, Banco Santander, BBVA, Deutsche Bank, and Societe Generale, down between 2.3 and 3.3 percent.
Credit Suisse's investment banking results came in below forecast-beating gains at U.S. peers, dragging shares down 5 percent even as the bank won new wealthy clients' money faster than in any quarter since 2005.
Nokia cut the profit outlook for its key phone unit as the world's top cellphone maker struggles in the market for more expensive handsets, sending its shares tumbling 13 percent, though first-quarter profit rose.
Sentiment was further hit after ratings agency Fitch said that Japan's sovereign creditworthiness was at risk from rising government debt.
"The Greek news is dominating equity markets today," said Bob Parker, vice chairman of asset management at Credit Suisse.
"The important point to note is that 10-year spreads relative to Germany are now over 5 percent. There is speculation that the Greeks may sign a package for EU/IMF aid, but they will tell bond investors that they have to take a haircut on the existing debt, or extend 5-year debt to 15 years."
"One positive is that we're not seeing any contagion, and economic growth numbers and earnings are good, but in the short term investors are reducing risk because of the Greece uncertainty."
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC 40 fell between 0.7 and 0.9 percent.
-- SPA


Clic here to read the story from its source.