Repsol to increase its treasury stock

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Source: Marketwatch

Repsol YPF SA announced it plans to repurchase 10% of its shares from the largest shareholder Sacyr-Vallehermoso SA. Trading of two companies' shares was suspended on Tuesday before the opening of the market. Sacyr has a large portion of debts and its shares were traded at EUR4.03 while Repsol shares closed at EUR22.18. The share repurchase will end management clashes of two companies and will facilitate Repsol's creation of joint venture with Alliance Oil Co.

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Tue, 20 Dec 2011 12:41:47 GMT

Euro appreciates on German business confidence

17-nation currency recovered on Tuesday after European finance ministers agreed to provide extra funding worth $195 bn through IMF. Euro appreciation was also fuelled by unexpected rise in German business confidence. European common currency gained 0.3% against US dollar, reaching $1.3040. Currently EUR/USD is trading at $1.3079.

Tue, 20 Dec 2011 13:33:53 GMT

Business confidence index in Germany unexpectedly rises

Germany's business confidence surprisingly surged in December for the second consecutive month, indicating the country is coping well with Eurozone's debt crisis. Business climate index, estimated by Ifo institute advanced from 106.6 in previous month to 107.2 in December. Economists surveyed by Bloomberg predicted a decline to 106. Reading show German firms do not believe in worst crisis scenario, said Alexander Koch, UniCredit's economist in Munich.

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