GERMANY: DAX opens 1.8 percent lower but then turns positive some 90 minutes into trading, gaining 0.4 percent

Record ID: 862540

  • Title: GERMANY: DAX opens 1.8 percent lower but then turns positive some 90 minutes into trading, gaining 0.4 percent
  • Date: 11th November 2011
  • Summary: FRANKFURT, GERMANY (NOVEMBER 10, 2011) (REUTERS) HIGH SHOT OF FLOOR WIDE OF DAX BOARD DAX AT 5,829 POINTS ON PREVIOUS DAY ROBERT HALVER, TRADER AT BAADER BANK IN DISCUSSION HIGH SHOT OF TRADERS WORKING ON COMPUTERS VARIOUS OF TRADERS WORKING ON COMPUTERS BANK SHARES ON ELECTRONIC BOARD VARIOUS OF TRADERS WORKING ON COMPUTERS DAX CURVE POINTING DOWNWARDS TRADERS WORKING ON COMPUTERS WIDE OF DAX BOARD (SOUNDBITE) (English) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "I guess a new Greek prime minister should join forces with the other parties because one party alone is not able to solve the big Greek debt crisis. That's why I hope that Athens will find a new way of political thinking." DAX CURVE (SOUNDBITE) (English) TRADER AT BAADER BANK, ROBERT HALVER, SAYING: "There is no doubt: Italy is the real sick man of the euro zone. Italy is only able to help itself. There will be no support from a European rescue package because we don't have the large amount of money (needed). That's why the financial markets are waiting for the new area of post-Berlusconi." DAX CHANGE ON BOARD: DOWN 87.61 POINTS OR 1.5 PERCENT TRADERS WORKING ON COMPUTERS WIDE OF DAX BOARD
  • Embargoed: 26th November 2011 12:00
  • Keywords:
  • Location: Germany, Germany
  • City:
  • Country: Germany
  • Topics: Business,Economy
  • Reuters ID: LVAA9GPWGDCFBI7KRD0EYKVWCMLA
  • Aspect Ratio:
  • Story Text: Germany's DAX index which opened 1.8 percent lower on Thursday (November 10) made gains of 1.2 percent within the first two hours of trading, with one Frankfurt dealer expressing hope that Greece will soon find a successor for former Prime Minister George Papandreou.
    "A new Greek prime minister should join forces with the other parties because one party alone is not able to solve the big Greek debt crisis," Robert Halver of Baader Bank said, adding "that's why I hope that Athens will find a new way of political thinking."
    As the political and economic crisis in Italy spurred fears of a split in the euro zone with borrowing costs for Europe's third biggest economy at unsustainable levels, Halver said "Italy is the real sick man of the euro zone. Italy is only able to help itself."
    "There will be no support from a European rescue package because we don't have the large amount of money (needed). That's why the financial markets are waiting for the new area of post-Berlusconi," Halver said.
    In Rome, former European Commissioner Mario Monti emerged as favourite to replace Silvio Berlusconi and form a new government to stave off a run on Italian bonds that is endangering the entire euro zone.
    and the bloc unable to afford a bailout.
  • Copyright Holder: REUTERS
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