Investing.com – European stocks closed lower Wednesday as European Central Bank Governing Council member Jens Weidmann stated that increasing the euro zone’s rescue fund will not solve the debt crisis, plunging the region back into worry mode.
Near the close of European trade, the EURO STOXX 50 traded down 1.13%, France's CAC 40 fell 1.14%, while Germany’s DAX traded lower by 1.13%. Meanwhile, in the U.K. the FTSE 100 gave back 1.03%
Euro zone finance ministers are expected to increase Europe’s bail out funds to between EUR700 billion and EUR900 billion at a meeting in Copenhagen on March 30th.
Even German Chancellor, Angela Merkel has signaled that she is prepared to allow an increase in the “firewall” as Portugal and Spain show weakness.
However, ECB Governing Council member, Jens Weidman made clear his opposition to increasing the funds in a talk at the Chatham House in London earlier today.
Weidman stated, “Just like the tower of Babel, the ‘Wall of Money’ will never reach heaven. If we continue to make it higher and higher, we will, in fact, run into more worldly constraints which might include setting incentives that lead to new problems in the future.”
Meanwhile in the U.S., the Commerce Department reported durable goods orders increased 2.2% in February, partially reversing the previous months revised 3.6% decline, but fell short of expectations for a 3.0% increase, further adding to the equity bearish environment.
Core durable goods orders, which exclude transportation, rose by a seasonally adjusted 1.6% in February, compared to expectations for a 1.5% gain.
The information was released one day after Federal Reserve Chairman Ben Bernanke stated that it was still too early to declare victory in the U.S. economic recovery, spurring speculation that the central bank may initiate a third round of monetary easing to support growth.
Ervaz gave back 5.5% as Russia’s largest steelmaker income missed analyst’s estimates.
ICAP fell 3.5% despite the bank transaction broker saying its full year estimates are in line with analysts projections.
Nokia Oyj climbed 3.5% after Swedebank upgraded shares to buy saying the mobile phone maker will ship “decent” volumes this year.
U.S. shares are lower in midsession trade with the Dow down 0.63%, the S&P 500 off 0.84% and the Nasdaq giving back 0.76% on the day.
Investors are awaiting U.S. GDP and initial jobless claims as well as German unemployment change on Thursday.
Near the close of European trade, the EURO STOXX 50 traded down 1.13%, France's CAC 40 fell 1.14%, while Germany’s DAX traded lower by 1.13%. Meanwhile, in the U.K. the FTSE 100 gave back 1.03%
Euro zone finance ministers are expected to increase Europe’s bail out funds to between EUR700 billion and EUR900 billion at a meeting in Copenhagen on March 30th.
Even German Chancellor, Angela Merkel has signaled that she is prepared to allow an increase in the “firewall” as Portugal and Spain show weakness.
However, ECB Governing Council member, Jens Weidman made clear his opposition to increasing the funds in a talk at the Chatham House in London earlier today.
Weidman stated, “Just like the tower of Babel, the ‘Wall of Money’ will never reach heaven. If we continue to make it higher and higher, we will, in fact, run into more worldly constraints which might include setting incentives that lead to new problems in the future.”
Meanwhile in the U.S., the Commerce Department reported durable goods orders increased 2.2% in February, partially reversing the previous months revised 3.6% decline, but fell short of expectations for a 3.0% increase, further adding to the equity bearish environment.
Core durable goods orders, which exclude transportation, rose by a seasonally adjusted 1.6% in February, compared to expectations for a 1.5% gain.
The information was released one day after Federal Reserve Chairman Ben Bernanke stated that it was still too early to declare victory in the U.S. economic recovery, spurring speculation that the central bank may initiate a third round of monetary easing to support growth.
Ervaz gave back 5.5% as Russia’s largest steelmaker income missed analyst’s estimates.
ICAP fell 3.5% despite the bank transaction broker saying its full year estimates are in line with analysts projections.
Nokia Oyj climbed 3.5% after Swedebank upgraded shares to buy saying the mobile phone maker will ship “decent” volumes this year.
U.S. shares are lower in midsession trade with the Dow down 0.63%, the S&P 500 off 0.84% and the Nasdaq giving back 0.76% on the day.
Investors are awaiting U.S. GDP and initial jobless claims as well as German unemployment change on Thursday.