by NTDTV on Jul 28, 2011
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European shares have fallen for the third-straight session. Investors worry about the standoff over U.S. debt.
The Frankfurt stock exchange started Wednesday heading downhill.
Germany wasn't alone.
All the key European markets fell in morning trade, amid concerns over the state of the U.S. economy.
Wrangling continues across the Atlantic over what to do to avoid a possible default.
And that's seen European investors cut their exposure to riskier assets.
Stefan Scharffetter from Baader Bank says there's every reason for Europe to worry if the U.S. situation worsens.
[Stefan Scharffetter, Baader Bank]:
"One can't really imagine what would happen if the U.S. becomes bankrupt. This could have consequences of such an extent that we have never seen before and so what we experienced two or three years ago with Lehman would only be a small fish compared to this."
A sick U.S. economy is the last thing the Euro zone needs, as it struggles to contain its own crisis.
Gold is viewed as a safe-haven for worried investors. It's reached a new record, of $1625.80 an ounce.
By midday the FTSEurofirst 300 had fallen more than four percent, down for its third straight session.
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European shares have fallen for the third-straight session. Investors worry about the standoff over U.S. debt.
The Frankfurt stock exchange started Wednesday heading downhill.
Germany wasn't alone.
All the key European markets fell in morning trade, amid concerns over the state of the U.S. economy.
Wrangling continues across the Atlantic over what to do to avoid a possible default.
And that's seen European investors cut their exposure to riskier assets.
Stefan Scharffetter from Baader Bank says there's every reason for Europe to worry if the U.S. situation worsens.
[Stefan Scharffetter, Baader Bank]:
"One can't really imagine what would happen if the U.S. becomes bankrupt. This could have consequences of such an extent that we have never seen before and so what we experienced two or three years ago with Lehman would only be a small fish compared to this."
A sick U.S. economy is the last thing the Euro zone needs, as it struggles to contain its own crisis.
Gold is viewed as a safe-haven for worried investors. It's reached a new record, of $1625.80 an ounce.
By midday the FTSEurofirst 300 had fallen more than four percent, down for its third straight session.
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