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Lots of news out of Europe about sovereign debt kept markets volatile today, though all took a hit by closing.The CAC closed down more than 3.77%, the DAX closed negative 2.20%, the ASE down 4.43%, and the IBEX 35 closed -3.20%.
The three big French banks — BNP Paribas, Credit Agricole, and Societe Generale — came under particular fire today, closing down 11.53%, 9.72%, and 9.26%, respectively.
Here’s what fuelled market fears (and a brief turnaround) today:
– French banks are probably the weak link in the contagion chain, despite reports that they’ve cut their high exposure to Greece.
– An explosion at a nuclear plant in France sparked a selloff, although the plant contained contamination.
– ECB President Jean-Claude Trichet confirmed that the IMF/ECB/EU troika will indeed provide the next round of funds promised by the last Greek bailout. Markets moved sharply up folliwing that announcement.
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