Welcome, 77 artists, 40 different points of Attica welcomes you by singing Erotokritos an epic romance written at 1713 by Vitsentzos Kornaros

Monday, February 8, 2016

Wall Street falls 2% as European shares hit 16-month low – business live

Worries over the world economy have sent global stock markets tumbling again * 3.00 pm update: FTSE 100 down 143 points, or 2.4% * European markets hit by growth fears * Greek stock market plunges * Oil falling again * Global economy ‘on the brink’ as investor sentiment shrinks * Deutsche Bank being hit hard 4.16pm GMT The way Deutsche Bank $DB is trading, Germany will soon be asking Greece for a bailout... 4.08pm GMT With China’s markets closed for the new year holiday, it is a worrying sign that share prices elsewhere continue to tumble, says Chris Beauchamp, senior market analyst at IG: The selling that began this morning has gathered pace across the globe this afternoon, as the US joins in the one-way move. Chinese investors will feel relieved that their market has taken the week off, but the absence of the volatility provided by Shanghai sends a worrying message – investors in the US and Europe are worried by many things, not least the current interest rate outlook in the US. Recent surveys of fund managers may indicate rising cash balances, but so far these appear to be remaining on the side lines, pulling the rug from under what remains of this bull market. Banking shares across Europe buckled under the pressure of global growth concerns in concert with the ugly spectre of negative interest rates. Weak earnings from European banks, notably that of Deutsche Bank have seen investors significantly reassess the chance of an earnings turnaround after years of regulatory fines for past misdeeds. The disappointing earnings across the sector from the big US firms to Credit Suisse whose chief executive asked to have his bonus cut by as much as 50% is refocusing investor attention on bad loan books which have not been addressed since the European crisis. In the days after Deutsche Bank issued a surprise profit warning, credit default swap spreads ballooned as investors started to question the bank’s ability to fund itself. The CDS jump has caused a sharp drop in Deutsche Bank shares. Continue reading...