UK premier David Cameron denies EU summit proposal

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Source: Marketwatch
© Scanpix/Reuters

UK PM David Cameron announced he had chosen not to take part in an agreement offered by France and Germany to alter existing treaty and bind EU countries into tighter fiscal alliance. The offer is not in Great Britain's interests, said Cameron during a press conference after overnight discussions in Brussels. British prime insisted that UK support joint approach in solving debt crisis, however without sacrificing its own interests such as protection for a single market.

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Fri, 09 Dec 2011 10:19:37 GMT

Italian bonds decline on worries EU officials efforts will be insufficient

Italy's notes fell amid concern European leaders will not be able to provide solution how to solve region's debt crisis. 10-year bonds dropped for a third consecutive day after officials said European Stability Mechanism will not receive a banking certificate that would permit to bolster its firepower. Italian 10-year borrowing costs added 13 b.p. t0 6.59% in London morning trade. 

Fri, 09 Dec 2011 12:45:32 GMT

European markets open lower on Friday

On Friday morning trade European shares opened lower led by financials. Investors were monitoring EU summit where leaders did not manage to get support from all 27 EU nations for rewriting treaty, though they found a consensus regarding additional rescue funds. Stoxx Europe 600 index lost 0.6% at 236.38 while German DAX 30 index declined 1% to 5,820.34. FTSE 100 index gave up 0.4% at 5,451.54

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