|09-12-2014, 02:12 PM||#1|
Stoxx 600 set for first weekly drop in five; global developments in focus
European stocks saw a mixed opening Friday, with trading eyeing the latest developments in Ukraine with the new Russian sanctions as well as Scottish referendum for independence.
The global stock markets are looking impatiently for the Federal Reserve’s meeting next week amid growing expectations that the Fed will embark on a near hike in interest rates. In the euro area, the European Central Bank President Mario Draghi hinted that investment in the bloc’s economy will only return to pre-crisis levels if governments worked with the bank to achieve reforms and spur growth.
Europe’s Stoxx 600 index rose 0.12% to 344.71, with major sector rebounding slightly during the early morning trade, howver the pan-European benchamrk is posied for its first weekly drop in five.
On the political front, the International Monetary Fund has warned that a yes vote in next week’s Scottish independence referendum could result in financial market turmoil, creating “uncertainty” while a number of “complicated issues” were being thrashed out, in particular over which currency an independent Scotland would use.
Russia’s foreign minister said that U.S. airstrikes against the Isis without a UN Council mandate would be an act of aggression.
Russia`s envoy to the UN, Vitaly Churkin, said earlier that strikes without the consent of Damascus would complicate international efforts to counteract terrorism, and urged "consolidated action" against Isis.
Investors are still digesting President Barack Obama’s speech on Tuesday, where he laid out a four pronged strategy that included a request for money from congress to arm and train opposition forces in Syria, to authorize more airstrikes in Iraq and potentially in Syria, in a bid to continuing counterterrorism efforts as well as continuing to offer humanitarian assistance.
- Britain’s FTSE 100 index rose 0.12% to 6,807.64
- France’s CAC 40 index fell 0.19% to 4,432.21
- Germany’s DAX 30 index fell 0.27% to 9,664.73
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