GERMANY: DAX drops under the critical mark of 7,000 points on fears of a deadlock in U.S. talks aimed at avoiding a 'fiscal cliff'

Record ID: 862918

  • Title: GERMANY: DAX drops under the critical mark of 7,000 points on fears of a deadlock in U.S. talks aimed at avoiding a 'fiscal cliff'
  • Date: 16th November 2012
  • Summary: FRANKFURT, GERMANY (NOVEMBER 16, 2012) (REUTERS) WIDE OF DAX BOARD CLOSE OF DAX SIGN TRADER LOOKING AT COMPUTER SCREEN DAX BOARD MORE OF TRADERS CLOSE OF TRADER'S HAND MOVING COMPUTER MOUSE TOP SHOT OF TRADING FLOOR BULL FIGURINES WITH TRADER IN BACKGROUND DAX BOARD MORE OF TRADERS DAX GRAPH BULL FIGURINES (SOUNDBITE) (English) TRADER FOR BAADER BANK, ROBERT HALVER, SAYING: "7,000 is a very difficult level, because 7 is psychological extremely important and I guess we have still open questions regarding Greece, regarding Spain and I am hopeful for a solution next week regarding Greece and then it will be no difficult to hold this massive level 7,000." CLOSE OF TRADER'S HANDS ON KEYBOARD (SOUNDBITE) (English) TRADER FOR BAADER BANK, ROBERT HALVER, SAYING: "Regarding equity markets it all depends on politics. We need a clear solution on Greece. If we would have clear solutions, I am absolutely optimistic for more equity rises." WIDE OF DAX BOARD SHOWING GRAPH FALLING UNDER 7,000 POINTS CLOSE OF DAX BOARD SHOWING DAX AT 6986,22 POINTS TRADER TALKING ON PHONE CLOSE OF DAX GRAPH TRADERS TOP SHOT OF TRADING FLOOR
  • Embargoed: 1st December 2012 12:00
  • Keywords:
  • Location: Germany
  • City:
  • Country: Germany
  • Topics: Business,Economy
  • Reuters ID: LVABCZS1BNBUSI8JTDF7GYOO8F7R
  • Aspect Ratio:
  • Story Text: Germany's DAX fell dropped under the critical mark of 7,000 points on Friday (November 16) with investors positioning for a tough start to budget talks in the United States and Europe's poor economic prospects.
    "7,000 is a very difficult level, because 7 is psychological extremely important and I guess we have still open questions regarding Greece, regarding Spain and I am hopeful for a solution next week regarding Greece and then it will be no difficult to hold this massive level 7,000," said Robert Halver, trader for Baader bank, at the Frankfurt stock exchange.
    The DAX opened flat, but then dropped under the critical level on fears of a deadlock in U.S. talks aimed at avoiding a 'fiscal cliff' of automatic spending cuts and tax hikes.
    Regarding the equity market, Halver was more optimistic for further equity rises if a 'clear solution for Greece' was found.
  • Copyright Holder: REUTERS
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