S&P 500 Closes Lower for a Third Session; Dow Ekes Out Gain
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CNBC's Simon Hobbs reports on all the market moving events in Europe today, including
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The European short-selling ban is necessary, Richard Martin, chief strategist at Julius Baer, told CNBC. "I think this is the sort of move we need at the moment. The swings we are seeing in equity markets are absolutely wild, and it's fear. It's not actually fundamentals which are driving this," Martin said.
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Economic growth in the euro zone will slow in the second quarter but remain positive, economists told CNBC.com, before it risks stagnating in the third quarter as businesses delay investments and the turmoil that has wreaked havoc in financial markets starts to affect the real economy.
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It’s all getting a bit Elizabeth Taylor and Richard Burton in the euro zone recently. The European Union seems to think that if it’s worth doing in the first place, its worth fighting for
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Uncertainty over sovereign debt and the volatility in world markets could mark a period of "2008 redux," and the best option for investors is to remain cautious with long-term assets and hold on to cash, Julian Pendock, a partner at Sendock Capital, told CNBC.
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As the European markets were braced for another turbulent day, one analyst at Citi warned that a decade of economic slowdown could follow if Italy and Spain default on their debt repayments.
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French economic growth ground to a halt in the second quarter of 2011, raising pressure on President Nicolas Sarkozy to cut spending and abolish tax breaks ahead of elections as he tries to convince nervous financial markets that he will deliver on debt reduction targets.
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European stocks were expected to open higher on Friday after a late recovery on Thursday following better-than-expected employment data from the United States and with investors digesting a ban on short-selling in four countries.
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A 15-day short selling ban , which will be implemented on Friday morning across several European countries, has attracted opprobrium from market participants, who see the restrictions as a superficial move that will do little to solve the underlying problems of the euro zone and stop market turbulence.
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August is traditionally a time for financial market crises. The current one isn’t because of the usual “thin markets, long hot summer days, everyone on holiday” scenario though, this time investors have real, concrete issues to worry about, writes Moorad Choudhry,Head of Business Treasury, Global Banking & Markets at the Royal Bank of Scotland.
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French minister says broader GDP and deficit-cut targets remain, with CNBC's Ross Westgate.
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High labor taxes and low visibility on economic growth and business climate are just some of the reasons that are keeping Italian businesses from offering jobs, especially long term contracts.
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Nicolas Veron, Visiting Fellow at The Peterson Institute for International Economics says Greece will not exit the euro zone.
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U.K. finance minister George Osborne has called upon his euro zone peers to do whatever it takes to ensure stability, indicating the British government would back a so-called euro bond to avoid a disastrous break up of the euro.
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Senior government sources tell Class CNBC, CNBC’s Italian partner, that a short-selling ban will be imposed in France and Italy after Thursday's market close.
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Amid fears that Europe will not be able to save itself from its debt crisis, U.S. stocks have tumbled. It’s a sharp reminder that in a global market, we’re all in this together.
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Italy has one of the highest savings rates in the OECD and holds considerable household wealth. In fact, the country's household wealth is five times as high as the country's gross domestic product (GDP). None of this appears to add up with the country's miserable public finances.
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"Unfortunately policy makers wait until there's a crisis and then they react, especially in Europe," Patrick Armstrong, managing partner at Armstrong Investment Managers, told CNBC. "We'll get (back to stability in markets). It will be a bumpy ride, but we'll get there," he added.
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The Dow ended over 500 points lower on Wednesday, but overnight in Asia stocks losses were more muted as US futures recovered some poise. As a result European Stocks are expected to open higher.
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Nicolas Sarkozy, the French president, has given his finance and budget ministers one week to come up with new measures to cut France's crippling debt burden as concerns mount over prospects for growth and the country's ability to meet its deficit reduction targets. reported the FT.
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Analysts point out that U.S. banks have become much better capitalized than they were during the financial crisis of 2008. But shares of US major banks continue to move sharply lower.