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LONDON (AP) - Markets were spooked Wednesday by scenes of violent protests on the streets of Athens and Madrid, which reignited concerns over Europe's ability to implement the measures needed to deal with its big debts.
A day after U.S. stocks suffered their biggest retreat in three months on comments from a leading official at the Federal Reserve, investors in Europe and Asia have grown jittery as the protests in Greece and Spain turned ugly.
The euro was also down, further below $1.30, while oil prices retreated toward $90 a barrel, further indications of investor unease.
A general strike in Greece turned violent after demonstrators protesting against planned government spending cuts threw molotov cocktails. A day earlier, clashes broke out at a similar demonstration in Madrid, which is also preparing new austerity measures.
"The prospect that Spain might prove as truculent as Athens on the subject of reforms is a particularly uncomfortable one, since it risks making the Greek situation look like a mere sideshow," said Chris Beauchamp, market analyst at IG Index. "Oh, and the Greeks are on strike again, just to underline this point."
In Europe, Spain's IBEX index led the list of fallers, trading 3.3 percent lower at 7,903. Germany's DAX was 1.8 percent lower at 7,295 while the CAC-40 in France fell 2 percent at 3,443. The FTSE 100 index of leading British shares was down 1.2 percent at 5,787.
The drop marked a sharp end to weeks of upbeat investor sentiment. Markets have been buoyant since the European Central Bank unveiled in August a plan to lower the borrowing rates of countries like Spain and Italy and prevent a breakup of the 17-country eurozone. Fresh stimulus measures from major central banks also boosted sentiment.
On Wall Street, the Dow Jones industrial average opened flat at 13,457 while the broader S&P 500 index fell 0.1 percent to 1,440.
On Tuesday, U.S. stocks fell sharply after a warning from the Fed's Charles Plosser that the central bank's efforts to support the world's biggest economy would likely fall short of its goals.
Earlier in Asia, Japan's Nikkei 225 stock average closed down 2 percent at 8,906.70 and Hong Kong's Hang Seng dropped 0.8 percent to end at 20,527.73. South Korea's Kospi shed 0.6 percent to 1,980.44. China's Shanghai Composite Index shed 0.6 percent to 2,004.17.
The tensions weren't just evident in stock markets — the euro was down a further 0.4 percent at $1.2853. Only last week, it was trading at multi-month highs around $1.32.
Meanwhile, the benchmark New York oil contract was $1.09 lower at $90.74 a barrel.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Originally posted by MrWendal
reply to post by jacknast76
Fair enough, but as I am sure you know sarcasm does not translate well as text.
Originally posted by Ancient Champion
reply to post by jacknast76
wow are you that big of a tool that you believe everything the russian government tells you? Don't blame america because russia is such a weak nation that even the Chechnya rebels were to much for them.edit on 26-9-2012 by Ancient Champion because: (no reason given)
Originally posted by teapot
reply to post by McGinty
Greek protests are against further 'austerity' measures, Spanish protests call for the removal of government?
UK media and public information reports on what to expect when disagreeing with government but government do not want the public to be aware that in other parts of the world, protesters have introduced the idea that government are dispensible?
Most likely some sort of commercial arrangement? An bilateral agreement between the two countries' tourist boards perhaps?
Originally posted by McGinty
Originally posted by teapot
reply to post by McGinty
Greek protests are against further 'austerity' measures, Spanish protests call for the removal of government?
UK media and public information reports on what to expect when disagreeing with government but government do not want the public to be aware that in other parts of the world, protesters have introduced the idea that government are dispensible?
Most likely some sort of commercial arrangement? An bilateral agreement between the two countries' tourist boards perhaps?
So as i suspected: Questioning the validity of policy is permissible, but questioning the validity of the government itself is not; at least in the eyes of the UK establishment where there is a media blackout on this (i can't speak for the rest of the world).
Originally posted by TruthxIsxInxThexMist
reply to post by MrWendal
This news isnt even running in the headlines section on skynews. You know the headlines which run across the bottom of the screen while other news is talked about?
Very strange!
Originally posted by katseyes
reply to post by TruthxIsxInxThexMist
I believe we have to find our own news now .. or be fed propaganda with a spin. This site has some good info ( and has a plug in translator ) that you wont find in the msm
www.infoculta.com...
This livestream channel www.livestream.com... has recordings of streams from last night and will be going live later once the protests restart ( 7pm ish GMT I believe )
and posted this blog spanishrevolution11.wordpress.com... on the other ATS thread on the Spanish uprising .
Written by someone who was there.
Hope this helps