|09-10-2014, 06:21 PM||#1|
European shares continue decline, Scotland`s vote in focus
European shares slumped on Tuesday, extending Monday’s losses amid concerns over Scotland’s referendum to break away from the United Kingdom.
Bank of England Governor Mark Carney meanwhile offered some clarity about when the central bank would begin raising interest rates, saying that tightening was likely to come in the spring of 2015.
- Stoxx 600 lost 0.35 percent or 1.22 points to 344.87
- Stoxx 50 dropped 0.68% or 22.11 points to 3245.43
Wall Street was also heading lower, with benchmark indices falling nearly 0.3% each.
Britain`s three main political parties united on Tuesday to promise greater powers for Scotland if it rejects independence in next week`s referendum, in a late attempt to head off growing support for an independence vote.
A “yes” vote on September 18 would mean the end if a three-centuries-old union between Scotland, England and Wales, and will surely have consequences for the region’s interconnected financial systems.
The question of whether Scotland could keep the pound is a central issue in the debate.
The euro meanwhile remained under pressure on Tuesday after the European Central Bank last week announced a fresh rate cut and monetary easing measures.
On the economic front, the U.K. Office for National Statistics reported that industrial output rose more than expected in July. Industrial output was up 0.5 percent month-over-month and 1.7 percent higher than a year-ago. Economists were looking for a 0.3 percent monthly increase and a 1.4 percent annual gain.
Manufacturing output was up 0.3 percent month-over-month, in line with estimates.
A separate report showed that the U.K.`s trade deficit unexpectedly widened to 10.2 billion pounds in July from 9.4 billion pounds in June. Meanwhile, the French trade deficit for July was also wider than expected, according to a report released by the Customs Office.
-The British FTSE 100 lost 0.08% or 5.77 points to 6829.00
-The French CAC 40 lost 0.50% or 22.56 points to 4452.37
-Frankfurt’s DAX 30 lost 0.49% or 47.33 points to 9710.70
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