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U.S. Jobs Report Compounds Europe’s Woes
Posted By admin On June 4, 2010 @ 9:00 am In Economic Crisis | Comments Disabled
ISHAQ SIDDIQI And ANDREA TRYPHONIDES
The Wall Street Journal
June 4, 2010
LONDON—European stocks slumped as a disappointing U.S. jobs report added to worries about the health of the European economy.
The euro sank, with traders citing official comments on Hungary’s woes and rumors of derivative problems at Société Générale.
“We won’t comment on market rumors,” a spokeswoman for France’s third-largest bank said, adding, “if we had something to say, we would have said it.”
Its stock was recently down 6.7%.
HSBC Bank caused jitters with a research note to clients in which it downgraded Europe excluding the U.K. to underweight from neutral. “There remains too much uncertainty about the health of banks, about the future arrangements for the euro, about sovereign debt and about growth for us to want to take risk in this region for the moment,” said HSBC.
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