European stocks fell for a second week as the euro area’s budget deficit widened to more than double the EU’s 3 percent limit last year, led by Greece and Ireland, offsetting better-than-expected results from companies including Ericsson AB and Volvo AB.
Greek banks sank as Moody’s Investors Service cut Greece’s sovereign rating. Royal Bank of Scotland Group PLC rose 16 percent as BofA-Merrill Lynch Global Research added the stock to its “most preferred” list and it may consider a share buyback. Nokia Oyj sank 14 percent as it cut its margin forecast.
The Stoxx Europe 600 Index slipped 0.2 percent to 267.42 this week, a second weekly loss. The VStoxx Index, which gauges the cost of using options to protect against declines in the Dow Jones Euro Stoxx 50 Index, rose to 24.7953 on Thursday, reaching the highest level in almost two months.
“Equity markets were very volatile as concerns over Greece swung sentiment and as, eventually, markets forced the Greek government’s hand,” said Neil Dwane, who helps oversee about US$80 billion as chief investment officer at Allianz Global Investors’ RCM unit in Frankfurt.
National benchmark indexes fell in 10 out of the 18 western European markets. Germany’s DAX rose 1.3 percent and France’s CAC 40 slid 0.9 percent, while the UK’s FTSE 100 retreated 0.4 percent. Greece’s ASE dropped 6.9 percent.
Credit Suisse Group AG dropped 7 percent to 51.50 francs as quarterly results at Switzerland’s second-biggest bank missed a gain in debt trading that helped lift earnings at rivals.
Royal Bank of Scotland gained 16 percent to £0.558 after being added to the “most preferred” stocks among European banks at BofA-Merrill Lynch. Barclays Capital upgraded the stock to “overweight” from “equal weight.”
Britain’s biggest government-owned bank, may use surplus capital to buy back part of the taxpayer’s holding, said two people with knowledge of the situation.
Deutsche Postbank AG climbed 7.1 percent to 26.40 euros on speculation Deutsche Bank AG is preparing a full takeover for the lender it partially owns. Nokia Oyj dropped 14 percent to 9.49 euros after posting a lower-than-estimated quarterly net income, while Ericsson climbed 14 percent to 88 kronor.
ENDEAVOR MANTA: The ship is programmed to automatically return to its designated home port and would self-destruct if seized by another party The Endeavor Manta, Taiwan’s first military-specification uncrewed surface vehicle (USV) tailor-made to operate in the Taiwan Strait in a bid to bolster the nation’s asymmetric combat capabilities made its first appearance at Kaohsiung’s Singda Harbor yesterday. Taking inspiration from Ukraine’s navy, which is using USVs to force Russia’s Black Sea fleet to take shelter within its own ports, CSBC Taiwan (台灣國際造船) established a research and development unit on USVs last year, CSBC chairman Huang Cheng-hung (黃正弘) said. With the exception of the satellite guidance system and the outboard motors — which were purchased from foreign companies that were not affiliated with Chinese-funded
PERMIT REVOKED: The influencer at a news conference said the National Immigration Agency was infringing on human rights and persecuting Chinese spouses Chinese influencer “Yaya in Taiwan” (亞亞在台灣) yesterday evening voluntarily left Taiwan, despite saying yesterday morning that she had “no intention” of leaving after her residence permit was revoked over her comments on Taiwan being “unified” with China by military force. The Ministry of the Interior yesterday had said that it could forcibly deport the influencer at midnight, but was considering taking a more flexible approach and beginning procedures this morning. The influencer, whose given name is Liu Zhenya (劉振亞), departed on a 8:45pm flight from Taipei International Airport (Songshan airport) to Fuzhou, China. Liu held a news conference at the airport at 7pm,
Authorities yesterday elaborated on the rules governing Employment Gold Cards after a US cardholder was barred from entering Taiwan for six years after working without a permit during a 2023 visit. American YouTuber LeLe Farley was barred after already being approved for an Employment Gold Card, he said in a video published on his channel on Saturday. Farley, who has more than 420,000 subscribers on his YouTube channel, was approved for his Gold Card last month, but was told at a check-in counter at the Los Angeles International Airport that he could not enter Taiwan. That was because he previously participated in two
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