GERMANY: DAX index suffers losses of almost one percent in early trading as Spain's banking crisis once again dominates market news
Record ID:
863065
GERMANY: DAX index suffers losses of almost one percent in early trading as Spain's banking crisis once again dominates market news
- Title: GERMANY: DAX index suffers losses of almost one percent in early trading as Spain's banking crisis once again dominates market news
- Date: 31st May 2012
- Summary: FRANKFURT, GERMANY (MAY 30, 2012) (REUTERS) VARIOUS EXTERIORS OF FRANKFURT STOCK EXCHANGE VARIOUS OF TRADERS WORKING ON COMPUTERS DAX PREVIOUS DAY'S CLOSE AT 6,396.84 POINTS VARIOUS OF TRADERS ON FLOOR WIDE OF DAX BOARD DAX CURVE TRADERS WORKING ON COMPUTERS DAX CHANGE ON BOARD SHOWING LOSSES OF 55.25 POINTS OR 0.86 PERCENT VARIOUS OF TRADERS ON FLOOR BANK SHARES (SOUNDBITE) (English) TRADER WITH BAADER BANK, ROBERT HALVER, SAYING: "We are facing a weak start of the German stock exchange, for the DAX because we are all waiting for a solution for the Spanish banking and debt crisis. The discussion is about who should pay for Spain and my opinion is, the ECB should pay because the ECB is the only institution to get rid of the bad debt problems. We don't need politicians talking too much, we have to act as soon as possible." TRADER SPEAKING ON PHONE (SOUNDBITE) (English) TRADER WITH BAADER BANK, ROBERT HALVER, SAYING: "Facebook is a disappointment, no doubt about it. I guess we have to wait for clear perspectives how Facebook will earn money. Right now, we are in reality mode." TRADERS WORKING ON COMPUTERS WIDE OF DAX BOARD HIGH SHOT OF FLOOR
- Embargoed: 15th June 2012 13:00
- Keywords:
- Location: Germany
- City:
- Country: Germany
- Topics: Economy,Politics
- Reuters ID: LVABRFXPPAF5CQA1BRZGH2VEOCXK
- Aspect Ratio:
- Story Text: Spain's struggling banks and the country's rising borrowing costs pushed the German DAX index almost one percent lower in early trading on Wednesday (May 30).
"We are all waiting for a solution for the Spanish banking and debt crisis," Robert Halver, a trader with Baader bank, told Reuters Television.
"The discussion is about who should pay for Spain and my opinion is, the ECB should pay because the ECB is the only institution to get rid of the bad debt problems. We don't need politicians talking too much, we have to act as soon as possible," said Halver.
Some two hours into trading, the DAX had extended its losses to 1.14 percent and stood at 6,323 points, down 72 points.
Halver also commented on the development of facebook shares which slid below $29 to a new low on Tuesday (May 29), saying "Facebook is a disappointment, no doubt about it."
As investors fled the company's shares amidst concern the social network's long-term business prospects and an initial offering price that proved too rich, Helmer said "we have to wait for clear perspectives how Facebook will earn money." - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2012. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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