European markets fall as pre-summit meeting cancelled
The cancellation of yesterday afternoon’s pre-summit meeting of EU finance ministers, due to details not being finalised, dragged most European bourses down after a positive opening to the week.
Yesterday’s falls basically eradicated the modest, but solid starts most markets made to the week in Monday’s trading session.
London’s FTSE-100 index fell by 0.4%, despite a strong rise in BP’s share price on the back of a decent set of third quarter results. Elsewhere, Paris’s CAC-40 index was down by 1.43% on Monday’s close; while a 0.14% reverse was seen in Frankfurt on the DAX. In Madrid, the IBEX was down by just under 1%, while the Borsa Italiana in Milan dipped by 1.06%.
One of the better performing markets on Monday, Dublin’s ISEQ was one of the highest European fallers, in percentage terms yesterday.
Down by just under 1.4% to 2,655 points, there were notable falls for the likes of CRH, Ryanair, FBD, First Derivatives, Kerry Group , DCC and Aryzta.
Tullow Oil, CPL Resources, Dragon Oil, Glanbia, ICG and Total Produce were amongst the climbers, as was Greencore which was up on news of it getting a potential takeover approach.
Speaking about today’s summit and how Europe’s leaders must come to some agreement with the continent’s banks over how much loss they will need to take on Greek debt, one Norwegian-based fund manager told Bloomberg yesterday: “The market very much discounts that there will be some kind of result out of the meeting tomorrow. Any delays or noise that suggests otherwise is a clear negative.”
There were further — albeit smaller — gains in the main markets in Asia, yesterday, but afternoon trading in the US saw across-the-board falls with the likes of the Nasdaq, the Dow Jones and the S&P-500 index all down by between 0.5% and 1% on Monday’s closures.
This was largely on the back of an unexpected fall in monthly US consumer confidence levels in October.
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