German stocks erase previous losses on Friday

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Source: Dukascopy Bank SA

German equities rose on Friday on hopes that Spain will unveil its reform plan that will allow the country to apply for another bailout. However, recent weak PMI releases and poor data from the US job market capped the upswing of the German stock index. The German DAX Index added 0.25% and is trading at 7,446.82. Five out of nine business sectors included in the index climbed. The top-gainers were financials and basic materials. Commerzbank and Deutsche Bank rose 0.71% and 0.10% while BASF and HeidelbergCement jumped 0.93% and 1.79%.

 

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Fri, 21 Sep 2012 17:56:12 GMT

Spain in bank-bailout talks

Spanish government is in talks with European Commission about the details of a new rescue plan. Up to 60 billion euros will be needed to bail out Spanish banks, the country's second biggest lender, BBVA, said on Friday. As nation's banking system needs recapitalization, money would, mostly, come from 100 billion euros Spanish bailout fund pledged by Eurozone finance ministers in June.

Fri, 21 Sep 2012 14:57:12 GMT

UK shares slide despite Spanish bailout hopes

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