DAX drops after Germany rejects doubling bailout funds

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Source: Bloomberg
© Scanpix/AFP

German stocks dropped on Wednesday afternoon after German Chancellor Angela Merkel's government rejected any proposal to merge Eurozone's current and perpetual rescue funds. German government also expressed concerns regarding positive outcome of upcoming summit due December 9. DAX 30 index lost 1.1% to 5,964.45 after surging almost 1.8%. Banks, retailers and transportation stocks pushed on the index. Deutsche Bank AG edged down 3%, Metro AG extended loss 3.4% after yesterday's downgrade and Deutsche Lufthansa AG plunged 3.1% as International Air Transport Association cut airlines' profit outlook.

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Wed, 07 Dec 2011 14:36:29 GMT

Copper futures rise on the euro-zone optimism

Copper futures increased for a second consecutive day on the better market sentiment as EU summit may result in resolution of the debt-crisis. On the Comex division of the New York Mercantile Exchange, copper futures for delivery in March were traded at USD3.600 a pound at the early European trade, gaining 0.7% since opening.

Wed, 07 Dec 2011 17:14:06 GMT

FTSE 100 fluctuates on Wednesday

After closing flat on Tuesday, UK's benchmark FTSE 100 experienced a slight increase on Wednesday. Index gained 0.2% reaching 5,583.33 led by financials and miners. Lloyds Banking Group PLC ascended 2.4% whereas Barclays PLC added 1.3%. Resource company Randgold Res Ltd jumped 2.76%. However, in late afternoon FTSE 100 retreated after Germany rejected merging current and durable rescue funds as well as conveyed pessimism regarding the

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