- Title: GERMANY: Dax down ahead of emergency summit
- Date: 22nd July 2011
- Summary: FRANKFURT, GERMANY (JULY 21, 2011) (REUTERS) EXTERIOR OF FRANKFURT STOCK EXCHANGE FLAGS TRADING FLOOR VARIOUS OF TRADERS BOARD SHOWING BANKING STOCKS TRADING FLOOR TRADERS BOARD SHOWING BANKING STOCKS (SOUNDBITE) (German) FIDEL HELMER FROM HAUCK & AUFHAEUSER, SAYING: "After many discussions and meetings we of course have very high expectations that they will achieve some concrete results in Brussels today and that the news out of Brussels will be able to stabilise the markets again and strengthen the euro. At the moment we already have a sign that this will be the case as the euro developed positively this morning." BOARD SHOWING DAX GRAPH (SOUNDBITE) (German) FIDEL HELMER FROM HAUCK & AUFHAEUSER, SAYING: "I don't think that there will be a solution against the interests of the European Central Bank but I could imagine that private creditors will voluntarily be involved in this aid plan. The fact that Jean-Claude Trichet and Josef Ackermann have also travelled to Brussels speaks for this and points to a solution of this kind being found." BOARD SHOWING DAX GRAPH TRADING FLOOR
- Embargoed: 7th August 2011 10:54
- Keywords:
- Location: Germany, Germany
- Country: Germany
- Topics: Economy
- Reuters ID: LVA8KAUP7B54LBG3GPVYC5RQM0JQ
- Aspect Ratio: 4:3
- Story Text: Germany's DAX index begins trading in the minus on Thursday (July 21) as investors await the results of an emergency meeting of euro zone leaders in Brussels.
German stocks fell in early trading on Thursday (July 21) as investors turn their attention to a euro zone crisis summit that could lead to a new bailout plan for debt-stricken Greece.
After seven hours of talks late into Wednesday night (July 20) between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, the two leaders reached a common position on a second bailout of Greece that will be presented to an emergency summit in Brussels on Thursday of all 17 leaders of the bloc. Details of the common position were not revealed.
By 0822GMT, Germany's DAX was down 0.5 per cent at 7199.
Traders in Frankfurt were hopeful of a quick solution being found.
"After many discussions and meetings we of course have very high expectations that they will achieve some concrete results in Brussels today and that the news out of Brussels will be able to stabilise the markets again and strengthen the euro. At the moment we already have a sign that this will be the case as the euro developed positively this morning," Fidel Helmer of Hauck and Aufhaeuser told Reuters TV.
The euro gained ground against the dollar on Thursday, trading at 1.4277 USD after Germany and France reached a joint position on Greece. - Copyright Holder: REUTERS
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