Stock Markets: The week reviewed
Sunday 01 June 1997
The rally in New York came too late for the London market. The FT-SE 100 index ended on Friday 51 points down, contributing to the 0.87 per cent fall on the week to 4621.3. Political instability in Europe rattled investor confidence. Financial stocks suffered the most, but a strong showing by defence and aerospace stocks limited the overall damage.
In France, the CAC Index lost 6.5 per cent on the week to 2583.94, wiping out nearly all the gains the market had made since President Jacques Chirac called the elections on 21 April. The losses were in response to the stronger- than-expected showing from the opposition Socialists in the first round of legislative elections. Thomson-CSF, Credit Lyonnais and other state- controlled companies slated for sale led the plunge on concern that the Socialists will alter plans for asset disposals and other economic reforms.
In Germany, the DAX index fell 1.5 per cent to 3547.84 as the prospect of a Socialist win in France and the dispute between the government and the Bundesbank heightened uncertainty about the future of the single currency and undermined confidence in Germany. Insurer, Allianz led the decline. Copyright: IOS & Bloomberg
- 4 Alex Salmond: 'The rocks would melt with the sun before I'd ever set foot in the House of Lords'
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Archbishop of Canterbury admits doubts about existence of God
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