Greek factory output falls to record low in JulyBank and finance shares collapse by as much as 30%Market falls more than 20% as bourse reopens after five-week shutdownChina woes deepen on manufacturing slowdown 11.44am BST Here’s the AP take on today’s slump in the Athens stock market:Greece’s main stock index plunged over 22% as it reopened Monday after a five-week closure, giving investors their first opportunity since late June to react to the country’s latest economic crisis.Greek bank stocks suffered the most, hitting or nearing the daily trading limit of a 30% loss. Markets in the rest of Europe, however, were largely unaffected.Greece is expected to head back into recession in 2015 after briefly emerging from a six-year contraction due to the effects of capital controls and months of uncertainty over the country’s future in the euro.A monthly survey of business and consumer confidence, the Economic Sentiment Indicator, fell for a fifth consecutive month in July to its worst level since October 2012. 11.20am BST #EU has no comment on Greek market developments. Authorities in #Athens are more than competent enough to deal with market movements.*EU 'TAKES NOTE' OF ATHENS MARKET REOPENING, NO COMMENT ON DROP Continue reading...
 |
| READ THE ORIGINAL POST AT www.theguardian.com |