Tuesday 27 September 2016

Traders wait for news on Greece

Published 05/06/2015 | 02:30

Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange June 3, 2015. REUTERS/Remote/Staff
Traders are pictured at their desks in front of the DAX board at the Frankfurt stock exchange June 3, 2015. REUTERS/Remote/Staff

A bond market sell-off that had rattled financial market confidence eased yesterday, while the euro paused after a strong two-day run against the dollar, as investors looked for signs of progress in Greek debt negotiations.

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German 10-year Bund yields, the benchmark for European debt costs, pulled back to 0.826pc after rising to 0.998pc, the highest level since September 2014.

The euro was last down 0.1pc at $1.1262 after it had powered up to $1.1379, its highest level since May 18.

Greece's EU and IMF lenders have asked Athens to commit to sell off state assets, enforce pension cuts and press on with labour reforms in return for unlocking almost €11bn in bailout funds.

Bourses across Europe saw shares fall. Ireland's ISEQ Overall Index was also a decliner, shedding 0.69pc, or 42.55 points, to end the session at 6,142.78.

Among the shares that were active were those in Bank of Ireland. It fell 1.1pc to 34.3 cent, while CRH declined 1.76pc, or 44 cent, to €24.82.

Ryanair gained 1pc to €11.76, buoyed by strong passenger figures from rival Easyjet. Bulmers maker C&C rose 2.1pc to €3.56.

The UK's FTSE-100 lost 1.3pc to close at 6,859.24.

Germany's DAX fell 0.69pc to 11,340.60, while France's CAC-40 was down 0.9pc at 3,850.17.

The sell-off on the FTSE was broad-based, with all sectors in negative territory.

Shares in troubled retailer Tesco rose as much as 1pc, but fell back later to close down 0.67pc at £2.08 after reports that it is considering a sale of its South Korea business. Royal Mail fell 4.9pc as the British government said it will sell its 30pc stake in the postal operator.

Reuters

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