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European stocks closed down on Tuesday, as investors sold shares in banks following more bad news from subprime-affected financials and took their cue later in the afteroon from U.S. markets.
European stocks closed mixed in the afternoon session Monday, after European Central Bank President Jean-Claude Trichet kept the options open for euro-zone rate moves ahead of an ECB monetary policy meeting next week.
European Central Bank President Jean-Claude Trichet said on Monday his remarks on August 2 were made before the current market turbulence, leaving the options open on whether the ECB will raise its key interest rate at a meeting next week.
German state-backed bank Landesbank Baden-Wuerttemberg agreed on Sunday to buy subprime victim and fellow lender SachsenLB, as pressure mounts for further mergers among German state banks.
European stocks finished the week in the green after stronger-than-expected U.S. durable goods orders and new home sales data on Friday pushed back fears of a spillover of the credit markets crisis to the wider economy.
The European Central Bank is not set on raising rates in September, and its recent reference to its Aug. 2 policy statement was intended to keep options open, national central bank officials have told Reuters.
France on Friday kept up the pressure on the European Central Bank to take account of global financial market turmoil and economic growth when setting interest rates, and said a September rate rise was not a done deal.
Euro zone private sector growth cooled in August as factory order growth hit its weakest since late 2005 and a credit squeeze in financial markets bruised service sector confidence, key data showed on Friday.
BNP Paribas said on Thursday it would reopen next week three investment funds it had frozen this month amid subprime volatility in a step that may help restore investor confidence, which took a hit on their suspension.
BNP Paribas, France's biggest listed bank, said on Thursday it will reopen three funds next week that it had frozen amid subprime volatility in a step that accelerated a slide in financial stocks.
French wine and spirit makers appear to be clawing their way back into the global market after years of watching foreign taste buds respond to innovative New World wines.
French retailer Carrefour said on Tuesday it was withdrawing from the Swiss market with the sale of its 50% stake in Swiss hypermarket operator Distributis.
Policymakers hailed on Monday the return of calm to financial markets, after the U.S. Federal Reserve cut the rate at which it lends to banks, and insisted that the wider economy would not be unduly harmed.
France's economy minister and the head of the country's biggest listed bank, BNP Paribas, met on Friday to discuss the U.S. subprime mortgage crisis, which has affected some of BNP's funds.
French President Nicolas Sarkozy has written a letter to German Chancellor Angela Merkel, saying that authorities must be "very vigilant" over financial market corrections, according to the letter published on Thursday.
Singapore Airlines, the first carrier in the world to fly the new superjumbo A380, said Thursday the first delivery of the hulking jet has been set for Oct. 15.
he French economy grew at a disappointing pace in the second quarter, held back by sluggish exports and stagnant business investment, official data showed on Tuesday, raising fears about the outlook for the year.
France's biggest listed bank, BNP Paribas, froze 1.6 billion euros ($2.2 billion) worth of funds on Thursday, citing U.S. subprime mortgage sector problems.
European defense and aviation group EADS said Friday it had finalized two military contracts with Libya to supply anti-tank missiles and communications systems.
NYSE Euronext, the world's largest stock exchange, said Thursday that second-quarter profit more than doubled as the European exchanges contributed to earnings for the first time.