Hang Seng falls sharply amid European summit

Note: This section contains information in English only.
Source: Markewatch
© Scanpix/AP

On Friday Hong Kong's Hang Seng Index lost 2.73% or 521.58 points and closed at 18,586.23 on news from European summit indicating that leaders did not manage to agree on tighter fiscal union. On the downside were Chinese banks listed in Hong Kong that pushed heavily on the index. Bank of Communications Co. traded down 3.8%, while Agricultural Bank of China Ltd. and HSBC Holdings PLC each fell 3.7%. 

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Fri, 09 Dec 2011 13:29:27 GMT

S&P 500 down with news from Europe

After straight four day gain, S&P 500 experienced a sharp decline on Thursday, as Dow Jones presented details of preliminary proposal however US benchmark index plunged even further after Reuters reported that Germany opposed several measures in draft proposal. S&P 500 Index lost 2.11% or 26.66 points and closed at 1,234.35 led by financial companies. Hartford Financial Services Group Inc sank 8.2% when the insurer

Fri, 09 Dec 2011 13:27:40 GMT

EU officials refuse investor write-offs

European officials rejected earlier proposal which implied that investors must share the charge of bailouts. Restraining private sector engagement was a part of a bundle agreed upon in today's summit. The decision was a defeat for Chancellor Angela Merkel who was willing to expose bond-holders to losses in debt reforms as her voters resisted expanding bailout program. 

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