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Equities fall on Italy debt concerns
Sunday, November 06, 2011 - 01:42
Nov.07 - The euro and European stocks fall as political uncertainties in Greece and Italy fuel concerns that Europe's debt crisis is intensifying, prompting investors to cut exposure to riskier assets. Sonia Legg reports
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The prospect of a national unity government sent Greek bank shares soaring in early Monday trade. They rose around seven percent after the country's main political parties clinched a deal which should help Greece push through an EU aid package. Nikos Christodoulou is an analyst with Merit Securities in Athens. (SOUNDBITE)(Greek) ANALYST NIKOS CHRISTODOULOU, MERIT SECURITIES SAYING: "We still don't know who the prime minister will be nor much about the formation of the next government, but in general the conditions are there to bring calm to the Greek market after the great instability of the past week" But elsewhere in Europe the picture was very different. Political uncertainty in Italy fuelled concern the euro zone debt crisis could engulf its third largest economy. Italy's borrowing costs have been rising sharply and 10 year government bond yields hit 14-year highs at almost 6.6 percent The FTSEurofirst 300 fell around one and half percent, after a near 4 percent fall last week. As did Germany's DAX and France's CAC before both recovered slightly. Oliver Roth is a trader in Frankfurt. (SOUNDBITE) (English) TRADER AT CLOSE BROTHERS SEYDLER BANK, OLIVER ROTH, SAYING: "We are facing another instability, a political situation in Greece, in Italy and that shows that we don't have the faith in the political system because there is nothing to rely on. So we are deeply depressed." Gold rose 1 percent as investors piled into the traditional safe haven asset But media reports that Germany could tap into its gold reserves to help solve the crisis were firmly stamped on by the German government. Sonia Legg, Reuters
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Equities fall on Italy debt concerns
Sunday, November 06, 2011 - 01:42
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