Volatile European, U.S. stock markets

U.S. and European stock markets rose sharply on Thursday, rebounding from steep losses the previous day. VOA reported that buyers drew encouragement from a better-than-expected U.S. jobs report. Volatile European, U.S. stock markets On Thursday, markets in Europe opened their trading day in positive territory, up by two or more percent in London, Paris and Frankfurt, but quickly reversed gains made in the morning. On Wednesday, Societe Generale witnessed a drop in its share value by as much as 14.7 percent, the highest percent drop in a single day, although a bank representative denied rumors about the bank’s poor financial solidity. Credit Agricole’s share value dropped by 11.8 percent and European banking index lost 6.5 percent. The banks’ share value had dropped due to rumors about France’s possible credit downgrade before the international agency Fitch confirmed France’s AAA rating. “We are running short of triple-A countries. If France is downgraded, that raises issues about other countries as well. Fundamentally public finances are not very strong," said Klaus Wiener, chief economist at Generali Investments. The FTSEurofirst 300 of leading European shares provisionally finished 3.8 per cent lower at 911.65 points. British FTSE 100 share index dropped by 3.05 percent to 5.007.16 points, Germany’s DAX fell by 5.13 percent to 5.613.42 points, while France's CAC 40 index slipped 5.5 percent.

Volatile European, U.S. stock markets

On Thursday, markets in Europe opened their trading day in positive territory, up by two or more percent in London, Paris and Frankfurt, but quickly reversed gains made in the morning.

On Wednesday, Societe Generale witnessed a drop in its share value by as much as 14.7 percent, the highest percent drop in a single day, although a bank representative denied rumors about the bank’s poor financial solidity.

Credit Agricole’s share value dropped by 11.8 percent and European banking index lost 6.5 percent.

The banks’ share value had dropped due to rumors about France’s possible credit downgrade before the international agency Fitch confirmed France’s AAA rating.

“We are running short of triple-A countries. If France is downgraded, that raises issues about other countries as well. Fundamentally public finances are not very strong," said Klaus Wiener, chief economist at Generali Investments.

The FTSEurofirst 300 of leading European shares provisionally finished 3.8 per cent lower at 911.65 points.

British FTSE 100 share index dropped by 3.05 percent to 5.007.16 points, Germany’s DAX fell by 5.13 percent to 5.613.42 points, while France's CAC 40 index slipped 5.5 percent.