US stocks drop on Fitch announcement

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

On Wednesday US equities experienced a decline during last trading hour as Fitch Ratings reported that US banking industry is exposed to contagion form Euro region debt crisis. S&P 500 dropped 1.7% or 21 points, Dow Jones industrial average lost 1.6% or 191 points, while Nasdaq composit slipped 1.7% or 47 points. During the day investors attempted dump bonds of most European countries except Germany.

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Thu, 17 Nov 2011 08:12:12 GMT

Greece negotiates write-down on debt

On Wednesday Greek short-term PM Lucas Papademos opened talks on details regarding write-down of Greek national debt owned by private sector. According to the presidential office, today Papademos are negotiating 50% debt ''haircut'' with the leader of Institute of International Finance (IIF). Nevertheless, analysts express growing concern, as the implementation of decisions made in summit on October 26 is delaying. 

Thu, 17 Nov 2011 08:09:34 GMT

Fitch Ratings warns US from contamination risk

According to Fitch, US banks are strongly exposed to Europe default if region's crisis accumulates and expands beyond Greece, Italy, Ireland Portugal, and Spain (GIIPS). If the solution for Eurozone debt turmoil is not well timed and properly solved, then financial outlook for US banking industry might worsen, said Fitch. Currently six biggest US banks hold $50 bn in risky assets linked to GIIPS.

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