LONDON: European stock markets closed with mixed results yesterday after US lawmakers failed to prevent $85bn in spending cuts set to affect in the world’s biggest economy. London’s FTSE 100 index of leading companies fell by 0.52 percent to 6,345.63 points. Elsewhere, Frankfurt’s DAX index gave up 0.21 percent to 7,691.68 points, while in Paris the CAC 40 gained 0.27 percent to 3,709.76. Milan’s FTSE Mib index lost 0.85 percent to 15,542.17 points. In foreign exchange deals, the euro slipped to $1.2995 from $1.3018 late on Friday in New York. Gold prices declined to $1,574.25 an ounce on the London Bullion Market from $1,582.25. US stock markets were flat. The Dow Jones Industrial Average had eased lower by 0.12 percent in midday trading. In Asia, Chinese shares suffered the biggest sell-off, with Shanghai slumping 3.65 percent. Elsewhere, Hong Kong lost 1.50 percent, Sydney slipped 1.49 percent and Seoul was off 0.66 percent. However, Tokyo enjoyed modest gains, adding 0.40 percent.
Iranian rial rallies
DUBAI: Iran’s currency has jumped about 9 percent against the dollar over the past two days due to government intervention and Tehran’s positive view of nuclear talks last week, currency websites and Iranian media reported yesterday. The rial traded at around 32,500-33,500 to the dollar in the free market yesterday, compared with about 36,300 on Sunday, the media reports said.
Oil prices drop
LONDON: Oil prices dropped to fresh multi-week low points, weighed down by economic strains in China and the United States. Brent North Sea crude for delivery in April reached $109.61 a barrel — the lowest point for six weeks. In London trading, it stood at $110.04, a loss of 36 cents compared with Friday’s closing level. New York’s main contract, light sweet crude for April, slid to a two-month trough of $89.51 a barrel. It later traded at $89.85, down 83 cents.
Egypt forex reserves fall
CAIRO: A slide in Egypt’s foreign reserves slowed sharply in February, central bank data showed yesterday, but their low levels kept Cairo under heavy pressure to secure an IMF loan. The central bank, which has been tightly rationing dollar supplies, said on its website that reserves slipped to $13.5bn at the end of last month from $13.6bn at the end of January. February’s drop was marginal compared with the $1.4bn dive in January, which was exacerbated by a $650m debt repayment to the Paris Club of creditor nations. Agencies
