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European open: Mixed reaction to US bailout rejection
Mon, 01 Dec, 2008
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European open: Mixed reaction to US bailout rejection
Tue, 30 Sep 2008, 09:09:00
Europe's leading exchanges are mixed Tuesday morning, with the Swiss market holding up well while the German DAX dropped to its lowest since August 2006 in early dealings.<br /><br />Across the markets, the German DAX is down 88 points to 5,718, having fallen back to 5,667 earlier this morning. The French CAC is 4 points lower at 3,949, while the Swiss market rose 51 points to 6,551.<br /><br />Dow Jones plummeted by 777 points yesterday as Congress threw out the planned $700bn mortgage bail-out. In a move that stunned markets, the $700bn bail-out package plan was defeated by 228 votes against to 205 in favour by the House of Representatives. <br /><br />Banks are the main fallers one again, with Germany's <b>Deutsche Bank</b> and <b>Commerzbank</b> as well as Italy's <b>UniCredit</b> sharply lower.<br /><br />It has also emerged that Franco-Belgian lender <b>Dexia</b> will get a €6.4bn cash injection from Belgium, France, Luxembourg and key shareholders.<br /><br />In economic news, German unemployment fell by 29,000 to 3.18m in September following a 40,000 drop in August, according to the Federal Labor Agency.
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