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| Eurozone debt crisis: Markets slide again as tensions remain high in Greece | |
| (40 minutes later) | |
| 10.52am: This is worrying -- the Swiss franc just broke through the 1.20 mark against the euro for the first time since the Swiss National Bank drew its line in the sand. | |
| Currency traders pushed the Swiss franc to a high of 1.1998 versus the euro in the last few minutes, despite the SNB's vow to use 'unlimited' resources to prevent the Swiss currency becoming too strong. | |
| It's another sign of growing concern over the eurozone crisis..... Developing | |
| 10.31am: The London stock market has turned negative following this morning's poor industrial production data. The FTSE 100 is now down 25 points at 5673, and other European markets are also in the red. | |
| In the reader comments, Halo572 asks: | |
| how far down will the City Boys drive the FTSE in their tantrum to force Lord Sir Mervyn to print them some more free money? | |
| We know that two members of the Bank of England's monetary policy committee voted for another bout of quantitative easing last month, so just three more need to change their mind. I bet it won't happen at today's meeting, and I suspect that weak economic data - rather than a stock market rout - would force their hand (but one would trigger the other....). Still, some economists do suspect that the Bank will soon need to print even more electronic money. | |
| 10.10am: In Greece, people are gathering in Syntagma Square again this morning. | 10.10am: In Greece, people are gathering in Syntagma Square again this morning. |
| This picture was taken by photo journalist and political communications expert Mehran Khalili. It shows that the tree close to the spot where yesterday's suicide took place remains a focal point. | This picture was taken by photo journalist and political communications expert Mehran Khalili. It shows that the tree close to the spot where yesterday's suicide took place remains a focal point. |
| Helena Smith, our correspondent in Athens, confirms that last night's vigil was largely peaceful, before violence flared after dark. She writes: | Helena Smith, our correspondent in Athens, confirms that last night's vigil was largely peaceful, before violence flared after dark. She writes: |
| For many nationwide the retired pensioner, named as Dimitris Christoulas by the Greek media, has become a symbol of resistance to what are widely perceived to be unfair and ultimately self-defeating austerity measures. | For many nationwide the retired pensioner, named as Dimitris Christoulas by the Greek media, has become a symbol of resistance to what are widely perceived to be unfair and ultimately self-defeating austerity measures. |
| The vast majority of the messages pinned to the tree, under which the 77-year-old shot himself Wednesday morning, speak of rage and helplessness. "A message of despair with a public suicide," railed the mass-selling Ta Nea from its front page. | The vast majority of the messages pinned to the tree, under which the 77-year-old shot himself Wednesday morning, speak of rage and helplessness. "A message of despair with a public suicide," railed the mass-selling Ta Nea from its front page. |
| 9.55am: Spanish sovereign debt has fallen in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.75% this morning. | 9.55am: Spanish sovereign debt has fallen in value again this morning, pushing up the yield (the measure of the interest rate) on its 10-year bonds to 5.75% this morning. |
| That's a new 12-week high, and a sigh that bond traders are wary that Spain can hit its fiscal targets. | That's a new 12-week high, and a sigh that bond traders are wary that Spain can hit its fiscal targets. |
| Yesterday, the Spanish finance minister admitted that the main risk for the Spanish economy is the idea that its public accounts are "not sustainable". Gary Jenkins, analyst at Swordfish Research, agrees, saying: | Yesterday, the Spanish finance minister admitted that the main risk for the Spanish economy is the idea that its public accounts are "not sustainable". Gary Jenkins, analyst at Swordfish Research, agrees, saying: |
| Bond investors are unlikely to give Spain the benefit of the doubt and any further deviation from this year's budget deficit target will only make them question the 2013 target and indeed Spain's debt sustainability path even more. | Bond investors are unlikely to give Spain the benefit of the doubt and any further deviation from this year's budget deficit target will only make them question the 2013 target and indeed Spain's debt sustainability path even more. |
| 9.35am: Britain's factory output suffered a surprise fall in February, data just released has shown, in a sign that the UK economy may not be as healthy as thought. | 9.35am: Britain's factory output suffered a surprise fall in February, data just released has shown, in a sign that the UK economy may not be as healthy as thought. |
| UK manufacturing output dropped by 1.0% in February, the biggest fall in almost a year. January's output was also revised down by the Office for National Statistics. | UK manufacturing output dropped by 1.0% in February, the biggest fall in almost a year. January's output was also revised down by the Office for National Statistics. |
| The news sent the pound falling against the dollar, down 0.3 of a cent to $1.5868. | The news sent the pound falling against the dollar, down 0.3 of a cent to $1.5868. |
| 9.19am: This footage from Al Jazeera shows violent scenes from Athens last night, and the crowds of people to flocked to Syntagma Square to lay flowers and leave messages at the spot where the 77-year old man killed himself. | 9.19am: This footage from Al Jazeera shows violent scenes from Athens last night, and the crowds of people to flocked to Syntagma Square to lay flowers and leave messages at the spot where the 77-year old man killed himself. |
| 8.55am: The euro just fell to a two and a half-month low against the pound. | 8.55am: The euro just fell to a two and a half-month low against the pound. |
| At 82.6p, the euro is at its lowest level against sterling since 16 January. It means one pound is worth €1.2106. | At 82.6p, the euro is at its lowest level against sterling since 16 January. It means one pound is worth €1.2106. |
| Peter O'Flanagan, head of foreign exchange trading at Clear Currency, said that fears over the eurozone were rising again, after Spain saw its borrowing costs spike yesterday): | Peter O'Flanagan, head of foreign exchange trading at Clear Currency, said that fears over the eurozone were rising again, after Spain saw its borrowing costs spike yesterday): |
| The primary concern now for the Eurozone will be pressure being put on peripheral yields, yesterday's weak Spanish bond auction results are a good indication of further pressure | The primary concern now for the Eurozone will be pressure being put on peripheral yields, yesterday's weak Spanish bond auction results are a good indication of further pressure |
| 8.36am: The difficult issue of 'austerity suicides' was also raised in the Italian parliament yesterday. | 8.36am: The difficult issue of 'austerity suicides' was also raised in the Italian parliament yesterday. |
| Antonio Di Pietro, the leader of the Italy of Values (IDV) party, claimed that technocratic prime minister Mario Monti's reforms had helped to drive a businessman to kill himself. | Antonio Di Pietro, the leader of the Italy of Values (IDV) party, claimed that technocratic prime minister Mario Monti's reforms had helped to drive a businessman to kill himself. |
| Reuters has the details this morning: | Reuters has the details this morning: |
| The 59-year-old Rome-based construction firm owner left a note apologising to family members and explaining that his business had failed, police said. | The 59-year-old Rome-based construction firm owner left a note apologising to family members and explaining that his business had failed, police said. |
| Di Pietro....criticised the government's reform agenda in parliament, and said Monti had the suicides of people who can't make it to the end of the month "on his conscience". | Di Pietro....criticised the government's reform agenda in parliament, and said Monti had the suicides of people who can't make it to the end of the month "on his conscience". |
| Monti refused to comment on the claim last night. | Monti refused to comment on the claim last night. |
| There is some evidence that the economic crisis has led to an increase in people taking their own lives. Last December, statistics released by the Greek ministry of health showed that the number of suicides in the first five months of 2011 had risen by 40%. | There is some evidence that the economic crisis has led to an increase in people taking their own lives. Last December, statistics released by the Greek ministry of health showed that the number of suicides in the first five months of 2011 had risen by 40%. |
| 8.18am: As we reported last night, Greek people took to the streets of Athens after a 77-year old man shot himself in Syntagma Square. | 8.18am: As we reported last night, Greek people took to the streets of Athens after a 77-year old man shot himself in Syntagma Square. |
| As the picture shows, the scene was initially peaceful. Many people left flowers and cards at the scene. | As the picture shows, the scene was initially peaceful. Many people left flowers and cards at the scene. |
| But after dark fell, violence did break out -- with riot police using tear gas, and some protestors throwing petrol bombs. | But after dark fell, violence did break out -- with riot police using tear gas, and some protestors throwing petrol bombs. |
| There's more details about the death of the unidentified man, who was described as an "upstanding and decent" father of one, here. | There's more details about the death of the unidentified man, who was described as an "upstanding and decent" father of one, here. |
| Greek media have named him as Dimitris Christoulas, a retired pharmacist. | Greek media have named him as Dimitris Christoulas, a retired pharmacist. |
| 8.15am: All is calm in the stock markets this morning. Here's the details: | 8.15am: All is calm in the stock markets this morning. Here's the details: |
| FTSE 100: up 0.23%, or 13 points, at 5716 German DAX: up 0.4% French CAC: up 0.5% Spanish IBEX: Italy's FTSE MIB: up 0.1% | FTSE 100: up 0.23%, or 13 points, at 5716 German DAX: up 0.4% French CAC: up 0.5% Spanish IBEX: Italy's FTSE MIB: up 0.1% |
| It appears that many City workers have clocked off early for the long weekend (the London stock market will close for Good Friday tomorrow, and then not reopen until Tuesday). | It appears that many City workers have clocked off early for the long weekend (the London stock market will close for Good Friday tomorrow, and then not reopen until Tuesday). |
| If my commute is in anyway symbolic of today's market, it is going to be a quiet day #nobodyaround | If my commute is in anyway symbolic of today's market, it is going to be a quiet day #nobodyaround |
| — World First (@World_First) April 5, 2012 | — World First (@World_First) April 5, 2012 |
| 8.06am: With the holidays almost upon us, there's not too much on the agenda today. But the economic data should give fresh insights into the European economy (and who knows, governor Mervyn King might pull an Easter bunny out of the hat at noon (but he almost certainly won't)). | 8.06am: With the holidays almost upon us, there's not too much on the agenda today. But the economic data should give fresh insights into the European economy (and who knows, governor Mervyn King might pull an Easter bunny out of the hat at noon (but he almost certainly won't)). |
| • UK manufacturing/industrial production for February: 9.30am BST • German industrial production: 11am BST / noon CET • Bank of England decision: noon BST • NIESR issues its estimate for UK GDP in Q1 2012: 3pm BST In the bond markets, the UK and France are both selling government debt – which could be interesting following Spain's weak auction yesterday. | • UK manufacturing/industrial production for February: 9.30am BST • German industrial production: 11am BST / noon CET • Bank of England decision: noon BST • NIESR issues its estimate for UK GDP in Q1 2012: 3pm BST In the bond markets, the UK and France are both selling government debt – which could be interesting following Spain's weak auction yesterday. |
| 8.00am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. | 8.00am: Good morning and welcome to our rolling coverage of the eurozone financial crisis. |
| It's the last full trading day before the Easter break, and traders are hoping to avoid a repeat of yesterday's stock market rout. But Spain's weak debt auction continues to linger over the eurozone as we slide towards the Easter break. | It's the last full trading day before the Easter break, and traders are hoping to avoid a repeat of yesterday's stock market rout. But Spain's weak debt auction continues to linger over the eurozone as we slide towards the Easter break. |
| In Greece, tensions are high after the suicide yesterday of a 77-year old man close to the Athens parliament. Last night's peace gathering in Syntagma Square was followed by clashes between Greek riot police and protesters. | In Greece, tensions are high after the suicide yesterday of a 77-year old man close to the Athens parliament. Last night's peace gathering in Syntagma Square was followed by clashes between Greek riot police and protesters. |
| On the economic front, we have UK and German industrial production data to entertain us, plus the Bank of England's decision on monetary policy. | On the economic front, we have UK and German industrial production data to entertain us, plus the Bank of England's decision on monetary policy. |