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European stocks closed in red amid fiscal cliff fears

Publish Date28/12/2012 05:38:45 PM

Last Update28/12/2012 05:40:38 PM

European stocks closed in red amid fiscal cliff fears

European stocks closed today`s session in red as the budget talk’s deadline is approaching, where policy makers did not reach an agreement so far and that will move the U.S. economy into recession.

Markets are predominating by uncertainty over the so-called ‘fiscal cliff”, which will go into automatic activation if U.S lawmaker were unable to reach an agreement before Tuesday January 1 2013.

President Barack Obama plans to offer a scaled-back package to avoid some of the effects of tax and spending cuts during his meeting today with John Boehner and Senate Minority Leader Mitch McConnell, and Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi.

The benchmark index for Europe, the STOXX 600 ended lower by 0.65% to 278.78, and STOXX 50 ended down by 0.61% at 2,568.391.

CAC 40 Index

The French benchmark index dropped today by 54.01 points or 1.47% to close at 3,620.25. The index opened at 3,677.52 recording a high of 3,680.11 and a low of 3,618.67. 

The worst performing shares in terms of subtracted value for the index were led by Sanofi SA as it plummeted 1.97% to end at €70.73; following was Total SA   as it shed 1.53% to settle at €38.91, while coming in third was BNP Paribas SA which slumped 2.53% to close at €42.34.

Meanwhile, those offsetting some of the losses and ending higher were STMicroelectronics NV which inclined 0.43% to settle at €5.35; Safran SA which ended higher by 0.08% at €32.48.

DAX Index

German equities declined today where the benchmark index DAX 30 ended lower by  43.49 points or 0.57% to close at 7612.39. The index opened at 7,649.89 recording a high of 7,665.68 and a low of 7,602.89.

Meanwhile, those offsetting some of the losses and ending higher were Henkel AG which inclined 1.25% to settle at €62.20; Beiersdorf AG which ended higher by 0.95% at €61.88 and Merck KGaA which inclined 0.26% to settle at €99.83.

Lagging shares were Commerzbank AG which fell 1.51% to €1.43, RWE AG as it lost 1.08% to settle at €31.24 and Daimler AG settled at €41.32 down 1.05%.

FTSE 100 Index

The British benchmark index ended the day also in the red to settle at 5,925.37 down by 28.93 points or 0.49%. The index opened the day at 5,954.30 setting the high of 5,975.97 and the low of 5,915.32.

Lagging shares were led by BP PLC where it ended down by 0.79%, closing at £425.05; following was Royal Dutch Shell PLC which shed 0.56% to close at £2,134.00 and Barclays PLC which slipped 1.30% to close at £261.75.

As for leading shares that added the most to the index, coming in top Tesco PLC which advanced 0.43% to close at £337.45; following was Reckitt Benckiser Group PLC which added 0.28% to end trading at £3,906.00 and SABMiller PLC which surged 0.23% to close at £ 2,846.50.

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