Mar 27, 2013
European markets down on concerns over Italy
The German DAX 30 (-1.65%), the French CAC 40 (-1.16%), the Italian FTSE MIB (-1.54%) and the Spanish IBEX 35 (-1.72%) are falling on Wednesday, along with the rest of equity markets in Europe. The EMU confidence report came in even worse than expected. March industrial confidence (from -11.3 to -12.5), services sentiment (from -5.3 to -6.7) and business climate (from -0.72 to -0.86) dropped below consensus (-12.0, -6.5 and -0.80, respectively). Consumer sentiment improved slightly from -23.6 to -23.5, as expected. Adding to that are worries of a rumored Italian downgrade, while investors are on their toes ahead of the re-opening of Cypriot banks tomorrow, as well as Italy’s Bersani talks with President Napolitano tomorrow regarding the progress of coalition negotiations.
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