GERMANY/U.K.: EUROPEAN FINANCIAL MARKETS OPEN NERVOUSLY AFTER A U.S.-LED ATTACK ON IRAQ ENDS MONTHS OF UNCERTAINTY ABOUT THE WAR
Record ID:
647021
GERMANY/U.K.: EUROPEAN FINANCIAL MARKETS OPEN NERVOUSLY AFTER A U.S.-LED ATTACK ON IRAQ ENDS MONTHS OF UNCERTAINTY ABOUT THE WAR
- Title: GERMANY/U.K.: EUROPEAN FINANCIAL MARKETS OPEN NERVOUSLY AFTER A U.S.-LED ATTACK ON IRAQ ENDS MONTHS OF UNCERTAINTY ABOUT THE WAR
- Date: 20th March 2003
- Summary: (U4) FRANKFURT, GERMANY (MARCH 20, 2003) (REUTERS) 1. WIDESHOT INTERIOR STOCK EXCHANGE 0.04 2. SV: BOARD WITH GRAPH 0.08 3. SV: TRADER 0.11 4. SV: MORE TRADERS 0.14 5. CU: DAX ON MONITOR AND FOCUS-PULL TO TRADER 0.21 6. WIDESHOT TRADERS 0.25 7. MEDIUM SHOT GRAPH 0.30 8. GRAPHIC: ONE WEEK CHART OF DAX INDEX RISING 0.37 (U4) LONDON, ENGLAND, UNITED KINGDOM (MARCH 20, 2003) (REUTERS) 9. SCU: (SOUNDBITE) (English) JEREMY BATSTONE FROM NATWEST STOCKBROKERS SAYING: "Many investors are watching their television screens rather than watching their financial screens to see how events in the Persian Gulf unfold." 0.46 10. GRAPHIC: ONE WEEK CHART OF FTSE 100 INDEX RISING 0.53 11. SCU: (SOUNDBITE) (English) JEREMY BATSTONE FROM NATWEST STOCKBROKERS SAYING: "You know what it's like with the financial markets. In anticipation of knee-jerk upward move of share prices on the sound of gun fire, many investors thought: well why hang around? There was some short covering at the end of last week, of course. Many investors didn't want to hold positions over what was going to be a fairly crucial weekend. That proved to trigger some genuine bargain hunting and all of a sudden share prices are off to the races. The big question now of course is weather the strength in equity prices we've seen over the last week or so can be sustained." 1.26 (U4) VARIOUS UNIDENTIFIED LOCATIONS (FILE) (REUTERS) 12. VARIOUS OIL REFINERY (6 SHOTS) 1.54 (U4) LONDON, UNITED KINGDOM (MARCH 20, 2003) (REUTERS) 13. SCU: (SOUNDBITE) (English) JEREMY BATSTONE FROM NATWEST STOCKBROKERS SAYING: "It is to be expected on the back of OPEC's confirmation that it will make good any shortfall in supply as a result of outage coming as a consequence of conflict with Iraq." 2.07 14. GRAPHIC: ONE WEEK CHART OF IPE BRENT PRICE DROPPING 2.14 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 4th April 2003 13:00
- Keywords:
- Location: FRANKFURT, GERMANY/ LONDON, UNITED KINGDOM/ VARIOUS UNIDENTIFIED LOCATIONS
- City:
- Country: United Kingdom
- Reuters ID: LVADULOFEZU8G5Q8M7ATH9FAUS3F
- Story Text: Investors shifted focus on Thursday from the opening
salvo of war in Iraq to worries about how long the conflict
would last, putting many financial markets in a holding
pattern ahead of a broader U.S.-led offensive.
European financial markets opened nervously on Thursday
(March 20) after a U.S-led attack on Iraq ended months of
uncertainty about war. Investors have been unsettled somewhat
by comments from President George W Bush that the war may take
longer and be more costlier in terms of lives than first
expected. Dealers are also waiting for direction from Wall
Street later with US futures currently pointing to a lower
open.
"Many investors are watching their television screens
rather than watching their financial screens to see how events
in the Persian Gulf unfold," said Jeremy Batstone from Natwest
Stockbrokers.
The German DAX traded up 0.5 percent at 2,628 points by
1300 GMT. The index shook off an opening slide and headed for
its sixth-straight day of gains.
The FTSE 100 index of leading British shares returned to
break-even by mid-morning after swinging 25 points in either
direction as investors paused to await fresh developments from
the war in Iraq.
"You know what it's like with the financial markets. In
anticipation of knee-jerk upward of share prices on the sound
of gun fire, many investors thought: well why hang around?
There was some short covering at the end of last week, of
course. Many investors didn't want to hold positions over what
was going to be a fairly crucial weekend. That proved to
trigger some genuine bargain hunting and all of a sudden share
prices are off to the races. The big question now of course is
weather the strength in equity prices we've seen over the last
week or so can be sustained," said Jeremy Batstone.
The end of uncertainty about the attack has sent oil
prices lower during early morning European trading. Oil prices
were lower but well off their earlier losses of more than one
U.S. dollar a barrel. Analysts believe the drop in oil prices
was well anticipated.
"It is to be expected on the back of OPEC's confirmation
that it will make good any shortfall in supply as a result of
outage coming as a consequence of conflict with Iraq," said
Batstone
In London IPE Brent Crude for May delivery was trading
at 26,60 USD a barrel at 1330 GMT.
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