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Global stocks, euro fall on Greece exit worries
(Reuters) - World stocks skidded and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which threatened to deepen the region's debt crisis and hurt an already fragile global recovery.
Nervous investors piled into low-risk U.S. and German government debt, sending their yields lower. The dollar also was favored as a safe haven by investors.
Each euro zone country will have to prepare a contingency plan for the possibility of Greece's leaving the bloc, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5 billion euros in new two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' ...
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Global stocks, euro sag on Greece exit worries
(Reuters) - World stocks stumbled and the euro fell to a 21-month low on Wednesday on worries about Greece's possible exit from the euro zone, which would deepen the region's debt crisis and hurt an already fragile global economic recovery.
Each euro zone country will have to prepare a contingency plan for the eventuality of Greece leaving the bloc's currency, three euro zone sources told Reuters, citing an agreement reached by officials.
A scramble for low-risk investments enabled Germany to pay no interest on 5-billion euro worth of new, two-year debt amid the absence of new measures to tackle the region's debt crisis from a European leaders' summit in Brussels.
"The markets are on edge and sensitive to every possible out-of-control scenario coming out of Europe," said Peter Boockvar, ...
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Gazprom reviews Shtokman line-up
(Reuters) - Russia's Gazprom (GAZP.MM) said it is reconsidering the composition of the consortium to develop the Shtokman offshore gas with a decision expected next month, further heightening uncertainty over the project's future.
"The project is being reviewed at the moment. A decision on members and the scheme is expected in June," Vitaly Markelov, Gazprom's deputy CEO, told a briefing on Wednesday.
Gazprom sources said that there could be a departure from Shtokman, where the Russian gas giant has partnered with Statoil (STL.OL) of Norway and Total (TOTF.PA) of France.
Total owns 25 percent, Statoil 24 percent and Gazprom the remainder of Shtokman, one of the world's largest gas fields with reserves of 3.7 trillion cubic meters located 550 kilometers (340 miles) offshore in the ...
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Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
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Euro rallies from 4-month low versus dollar
The euro rallied from a four-month low against the dollar on Friday as investors pared bets against the single currency after a more than 3 percent drop this month, but concerns about Greece and Spain were likely to keep it under pressure.
Positioning ahead of the weekend meeting of the Group of 8 major industrialized nations and technical support also helped, traders said, as the euro approached its January low of $1.2623. Gains accelerated after a wave of stops were triggered in the euro's grind higher.
Despite Friday's rebound, investors preferred the relative safety of the U.S. dollar and the Japanese yen as worries about Europe persisted after Moody's cut the credit ratings of 16 Spanish banks late on Thursday.
Some traders said investors were wary of placing bets ahead of the ...
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S&P on track for 5th straight day of losses
Stocks fell on Thursday, with the S&P on track for a fifth straight day of declines as weak economic data spooked investors already concerned about the ongoing situation in Europe.
Both the S&P and the Nasdaq fell as much as 1 percent, with the Nasdaq's losses wider as large-cap tech shares fell.
A gauge of future U.S. economic activity fell in April for the first time in seven months and the Philadelphia Fed business conditions index hit its lowest since September, compounding worries about a struggling economic recovery.
Spain's El Mundo newspaper reported that customers at troubled Spanish lender Bankia had withdrawn more than 1 billion euros over the past week, though the Spanish government denied the report. Bankia shares (BKIA.MC) fell 14 percent after sliding as much as 30 ...
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Gold drops as Greece batters global markets
Gold fell for a fourth straight day to its lowest since late December on Wednesday, sucked into a broad-based sell-off that dented global markets on the back of alarm over political turmoil in Greece.
Gold dropped along with other more industrial commodities such as copper and crude oil, under pressure from the rise of the dollar, which put silver on track for its longest stretch of consecutive daily losses in nearly four years.
Fears of a Greek exit from the euro zone worsening the debt crisis facing other European nations gripped financial markets on Wednesday, sending shares and other riskier assets lower as investors shifted funds into safe havens like the U.S. dollar.
The euro touched four-month lows against the dollar, Spanish and Italian bond yields soared, while European ...
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Markets selloff ignited as Greek talks fail, new elections in June
The market turned lower once again and surrendered early gains on news that Greek talks failed once again and the nine-day political vacuum is ending with new elections.
The latest attempt by president Karolos Papoulias also failed today as he called the leaders of Greek parties to agree of forming a technocrat government to avoid the new elections, yet the agreement again was not seen among the parties and still over the austerity measures and bailout deals that now risks pushing the nation out of the euro.
Greek Pasok party leader Evangelos Venizelos said after the meeting that the attempt to form a government failed and new elections will be held. The news was confirmed as well from the presidency official Costas Bitsios in comments to reports in Athens and said that a meeting will be ...
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Oil rises as euro zone avoids recession
Brent crude oil futures gained on Tuesday, as the euro zone narrowly avoided recession and as better-than-forecast German first quarter GDP data raised hopes that Germany will steer the way through the European debt crisis.
The euro zone economy stagnated, with zero growth, the EU's statistics office Eurostat said on Tuesday.
The results were more positive than forecast, boosting riskier assets, but the region's debt crisis has sapped the life out of the French and Italian economies and widened a split with paymaster Germany.
Brent crude rebounded from earlier losses, rising by 30 cents to $111.87 a barrel by 05:34 a.m. EDT (0934 GMT) after sliding to $110.04 on Monday, its lowest intraday price since January 25.
U.S. crude dropped 22 cents to $94.56 a barrel, after Monday's fall to $ ...
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