European Markets Down around 1.5%

<p>As Europe reacts to the news from the weekend that Greek Prime Minister Papandreou will stand down, fear and anxiety has once again returned to […]</p>

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  • As Europe reacts to the news from the weekend that Greek Prime Minister Papandreou will stand down, fear and anxiety has once again returned to the markets.
  • With a new Greek government forming to try to resolve the increasingly complex situation of their financial stability, European markets have tumbled in early trading.
  • The FTSE is down 1.5% at 5440 and both the French CAC and German DAX are down 1.6%.
  • Traders are taking a close look at Italy over fears that the country’s debt situation could put further pressure on Europe as Italian bond yields have soared in recent trading.
  • The MIB is down a further 1.5% this morning.
  • At home, the biggest faller on the FTSE is Weir Group, down 6.5%, with the wider sell off prompting traders to take some of the 40% gains seen in the stock since early October.
  • Banks are also struggling, with Lloyds down 4.4%. Barclays is down 3.2% and RBS is down 3%.
  • With no major macro data for release today and very little positive news, traders are awaiting further news from Italy and Greece ahead of the Brussels meeting this afternoon.

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