| CATEGORY: MARKET REPORT - EUROPE SECTOR: FOSSIL FUELS AND DISTRIBUTION |
European open: Investors remain cautious |
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Mon 30 Nov 2009
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LONDON (SHARECAST) - European shares opened lower again on Monday as investors are keeping a watchful eye on the situation in Dubai.
Across the markets, the Dax is 25 points lower in Frankfurt at 5,661, while the Cac is 21 points down at 3,700. The Swiss market has dropped 41 points to 6,296.
Investors offloaded large lines of stock in Dubai today, sending the Gulf State’s stock market down more than 7% in reaction to last week’s debt default crisis.
The savage slump reflected pent-up selling pressure following the four-day religious holiday of Eid, which has seen markets closed since the problems emerged late last week.
Dubai, the oil-rich emirate, caused a real stir with the threat of a debt default by state-owned Dubai World, one of the country’s biggest companies.
In Europe, oil producers are among the main fallers.
Royal Dutch Shell, Eni and Total dropped as fears about the potential impact of any debt default by Dubai slammed oil prices Friday, temporarily sending them down over 7% to their lowest in seven weeks.
The January contract ended the session down $1.91 at $76.05 a barrel, with traders also worried that crude’s recent rally is unjustified due to strong supplies and weak demand.
CAC 40 - Risers
Renault (RNO) € 32.90 +2.29%
LVMH (MC) € 71.28 +0.51%
Saint Gobain (SGO) € 36.47 +0.18%
EADS (EAD) € 12.00 +0.17%
Air Liquide (AI) € 77.91 +0.13%
CAC 40 - Fallers
Alcatel-Lucent (ALU) € 2.27 -2.07%
Veolia Environnement (VIE) € 22.37 -1.89%
GDF Suez (GSZ) € 28.06 -1.70%
Alstom (ALO) € 47.17 -1.51%
Suez Environnement Company (SEV) € 14.88 -1.20%
EDF (EDF) € 38.26 -1.00%
Societe Generale (GLE) € 46.09 -0.88%
Sanofi-Aventis (SAN) € 50.76 -0.86%
ST Microelectronics (STM) € 5.40 -0.83%
Danone (BN) € 39.96 -0.79%
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