Veritas: Market reacts to Merkozy
Today’s sharp falls on European stockmarkets are succinctly noted by Clem Chambers, chief executive of online stocks information and services provider ADVFN.
He said: “The market gave Merkel and Sarkozy their chance to stop the euro crisis. Today it is responding to their inaction.”
As of about 15.30 CET, the FTSE 100 was down more than 4% at 5,110.
The Dax was down more than 5.5% at 5,614. The Cac40 was down more than 5% at 3,089.
Madrid’s IBEX was down by almost 5.5% at 8,257, and Amsterdam’s AEX was down 4.5% at 279.
In New York the Dow Jones was down about 4% at 10,956, and the Nasdaq down by 4.6% at 2,394.