STOCK MARKETS - THE WEEK REVIEWED
Sunday 22 June 1997
In London, stocks fell every day and the FT-SE 100 ended the week 188 points down at 4593.9, its worst five-day loss since the crash of 1987. Banks and retailers were among the decliners, dragged down by concern that interest rates will need to rise again soon. Speculation that the Government will scrap a 20 per cent tax credit on dividend payments to the pension funds, reducing the yield on equities, hurt the market.
In Germany, the DAX index rose 1.17 per cent to 3,788.27 led by overseas earners such as Lufthansa, Volkswagen and Merck on the back of the strong dollar. Merck also gained after the company said its Canadian division had received a preliminary licence from the US to market a generic version of Zantac.
In France, the CAC fell 1.8 per cent to 2,757.10 after setting an all- time high in the previous week. Politics unsettled the market all week on concern that the new government's policies could raise labour costs. But stocks rallied on Friday amid hopes that consumer spending is set to take off. Copyright: IOS & Bloomberg
- 1 Thailand deaths: Pair's bloodied bodies found naked on Koh Tao beach
- 2 Scottish independence: Ireland since 1919 is a lesson for Scotland in what a Yes vote means
- 3 Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
- 4 John Travolta addresses former pilot's gay romance allegations publicly for the first time
- 5 Kanye West stops concert after two fans don't stand up - doesn't realise one is in wheelchair and the other disabled
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly
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