Corvus Capital Inc. 2007 Report & Accounts
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Interim Results for the six month period ended 31 March 2008.
European close: Banks lead retreat
04 Jul 2008
European markets were led lower by banking shares, which were friendless today after Goldman Sachs issued a gloomy note on the European banking sector.
The broker lowered 2008-09 estimates for over 40 banks and said that the European banking sector may need to raise up to €90bn.
Goldman cut its rating on Spain's to 'neutral' from 'buy' and slashed price targets for , and .
reassured investors once again that it will not need to raise further cash. The Swiss bank said second quarter results are likely to be at or slightly below break-even, adding that there is "no need to raise new equity." However, this did not stop the shares from joining in the sector's decline.
Luxury goods maker fell pry to profit taking ahead of its interim results next week..
Higher oil prices depressed heavy fuel users such as airlines and .
Oil topped $145 overnight as investors switched from shares and rushed to crude ahead of the US Independence Day holiday.
A barrel of oil surged $1.72 to $145.29 yesterday amid a backdrop of lower global stocks and increasing tensions between Israel and Iran.
The German Dax closed 81 points lower at 6,272, the French CAC dropped 77 points to 4,266, while the Swiss market fell 71 points to 6,772.
In economic news, German manufacturing orders dropped by 0.9% in May from April, according to preliminary data from the Ministry of Economics and Technology.
Essilor Intl. (EF) € 38.55 +0.71%
EDF (EDF) € 58.09 +0.45%
Lvmh (MC) € 63.30 -5.27%
Eads (EAD) € 11.48 -5.05%
Suez (SZE) € 40.81 -4.04%
Dexia (DX) € 9.65 -3.40%
Saint Gobain (SGO) € 36.60 -3.23%
Cap Gemini (CAP) € 36.59 -3.20%
Schneider Electric (SU) € 65.50 -3.16%
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