Market Updates
Europe Sinks in Early Trading
Ivaylo
12 May, 2006
Frankfurt
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The dollar sank to a one-year low versus the pound and the euro bringing up concerns of less-than expected translated earnings in Europe. Miners led the decliners, as they price their products in dollars with BHP Billiton and Kazakhmys shedding 4% each. Carmakers lost up to 3%. By 0948 GMT, the London FTSE 100 dropped 92.6 points, Germany''s DAX 30 shed 1.6 % and France''s CAC 40 fell 1.7 %.
[R]7.00AM European shares down on falling dollar.[/R]
European shares logged initial losses to more than 1.5 % in morning trade, tailing off bank shares and worried by concerns over inflation and interest rates. Mining companies dropped on worries that the sector might be overheating. The high commodity prices added up to the fears over their possible impact on consumers and interest rates. By 0948 GMT the U.K.’s FTSE 100 index lost 92.6 points to 5,949.4, having hit a trading session low of 5,936.8, its lowest since late March. Germany''s DAX 30 lost 1.6 % and France''s CAC 40 shed 1.7 %.
Crude oil pulled back on Friday after putting up more than $3 in the past three days on worries about gasoline supply in the U.S. U.S. light crude dropped 47 cents to $72.85 a barrel as the crisis with the hostages in Nigeria was settled successfully. London Brent crude shed 41 cents to $73.02 a barrel, after jumping more than $1 on Thursday. The dollar fell to a one-year low of $1.2907 per euro. It also reached a one-year low of 1.2040 Swiss francs and $1.8916 per British pound. The dollar bought 110.15 Japanese yen from 110.63 in New York.
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