US stocks fall amid European summit

Source: Marketwatch
© Scanpix/AFP

US shares started to decline in afternoon trade after Dow Jones disclosed details of draft plan, however, stock indexes plunged even further as Reuters reported that Germany opposed several measures in draft proposal. Standard & Poor's 500 sank 2.1% or 26.66 points at 1,234.35 whereas Dow Jones Industrial Average lost 1.6% or 198.67 points to 11,997.70. Nasdaq Composite traded down 2% or 52.38 points to 2,596.38. 

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Fri, 09 Dec 2011 07:51:44 GMT

European banks suggested to raise capital according to EBA guidelines

European watchdogs advised banks to avoid reducing lending or artificially inflating capital. European financials are required to strengthen their core capital ratios at 9% of risk weighted assets by the summer 2012. However, European Banking Authority said the money should be raised from retained earnings, lower bonuses and investors.

Fri, 09 Dec 2011 07:44:18 GMT

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Asian equities dropped sharply on Friday as EU summit failed to ensure full support from the 27 region's countries on tighter fiscal policy. Hong Kong's Hang Seng Index fell 2.5% and Shanghai Composite index gave up 0.6%. Australia's S&P/ASX 200 index plunged 2.2%, Japan's Nikkei Stock Average declined 1.6% and South Korea's Kospi edged down 1.7%.

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