European markets fall on political worries

Market Reports | Economy | Politics | Markets 12/2/2016, 12:13 PM
European markets fall on political worries

Major European indexes continued to decline on Friday as investors were worried about the political situation on the continent.

Italy’s referendum on Sunday may lead to new elections as well as have an impact on the country’s banks and sovereign debt. Austria will have a presidential election re-run on Sunday too. Moreover, French President Francois Hollande stated he will not be running for a second term in the upcoming presidential elections.  

Italian FTSE MIB was down 0.66% to 16,983 points (11:49 a.m. CET). The worst performing stock was UBI Banca that fell 2.55%. FinecoBank and Banca Popolare dell’Emilia Romagna lost 1.77% and 1.56%, respectively.

French CAC 40 dropped 1.18% to 4,506 points (11:51 a.m. CET). BNP Paribas was down by 2.18% and Societe Generale by 1.94%.

The DAX 30 decreased by 0.90% to 10,438 points (11:53 a.m. CET). Commerzbank and Deutsche Bank lost 2.20% and 1.45%, respectively.

London’s FTSE 100 declined by 0.92% to 6,690 points, weighed down by banking and mining sectors.

The euro weakened 0.12% against the U.S. dollar to 1.0657 and 0.25% against the British pound to 0.8445 (12:09 p.m. CET).

TeleTrader Newsroom / AM

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