Investing.com - European stocks plunged once again Thursday as fears of additional Greek restructuring and greater than expected U.S. unemployment figures weighed on risk.
Near the close of European trade, the EURO STOXX 50 traded down 1.76%, France's CAC 40 fell 1.43%, while Germany’s DAX traded lower by 1.77%. Meanwhile, in the U.K. the FTSE 100 gave back 1.15%.
Sparking the equity sell off, Moritz Kraemer, head of sovereign ratings at Standard & Poors stated that Greece will likely have to restructure its debt once again with partners like the International Monetary Fund.
He stated, “ I am not predicting today another restructuring of the debt. At that time maybe the official creditors need to come into the boat.”
In addition, at the same event at the London School of Economics, Poul Thomsen, the IMF mission chief to Greece stated, “while the country has made an aggressive fiscal adjustment, it will take at least a decade to fully complete the countries restructuring.” Further increasing fears that the Greek situation is far from over.
In other stock bearish euro zone news, an indicator of economic confidence surprisingly declined in March to 94.4 from a revised 94.5 in Feburary.
Meanwhile in the United States, the Department of Labor reported the number of individuals filing for initial jobless benefits in the U.S. dropped by 5,000 to a seasonally adjusted 359,000 last week, the lowest level since April 2008, but less than expectations for a decline to 350,000.
The previous week’s figure was revised up to 364,000 from 348,000.
A separate report showed that the U.S. economy grew by 0.3% during the final three months of 2011, unchanged from a preliminary estimate.
Automakers declined with Daimler falling 3.3% and Volkswagen giving back 2.5% on the session.
Clothing retailer, H&M gave back 4.9% after reporting profits that missed analysts first quarter estimates.
Banco Populare di Milano dropped 10% and Banco Populare SC gave back 7.4% on economic worries.
U.S. shares are lower in midsession trade with the Dow down 0.39%, the S&P 500 off 0.84% and the Nasdaq giving back 0.88% on the day.
Investors are awaiting the Chicago PMI and French consumer spending as well as the start of the euro zone finance minister meeting on Friday.
Near the close of European trade, the EURO STOXX 50 traded down 1.76%, France's CAC 40 fell 1.43%, while Germany’s DAX traded lower by 1.77%. Meanwhile, in the U.K. the FTSE 100 gave back 1.15%.
Sparking the equity sell off, Moritz Kraemer, head of sovereign ratings at Standard & Poors stated that Greece will likely have to restructure its debt once again with partners like the International Monetary Fund.
He stated, “ I am not predicting today another restructuring of the debt. At that time maybe the official creditors need to come into the boat.”
In addition, at the same event at the London School of Economics, Poul Thomsen, the IMF mission chief to Greece stated, “while the country has made an aggressive fiscal adjustment, it will take at least a decade to fully complete the countries restructuring.” Further increasing fears that the Greek situation is far from over.
In other stock bearish euro zone news, an indicator of economic confidence surprisingly declined in March to 94.4 from a revised 94.5 in Feburary.
Meanwhile in the United States, the Department of Labor reported the number of individuals filing for initial jobless benefits in the U.S. dropped by 5,000 to a seasonally adjusted 359,000 last week, the lowest level since April 2008, but less than expectations for a decline to 350,000.
The previous week’s figure was revised up to 364,000 from 348,000.
A separate report showed that the U.S. economy grew by 0.3% during the final three months of 2011, unchanged from a preliminary estimate.
Automakers declined with Daimler falling 3.3% and Volkswagen giving back 2.5% on the session.
Clothing retailer, H&M gave back 4.9% after reporting profits that missed analysts first quarter estimates.
Banco Populare di Milano dropped 10% and Banco Populare SC gave back 7.4% on economic worries.
U.S. shares are lower in midsession trade with the Dow down 0.39%, the S&P 500 off 0.84% and the Nasdaq giving back 0.88% on the day.
Investors are awaiting the Chicago PMI and French consumer spending as well as the start of the euro zone finance minister meeting on Friday.