Date: Monday 24 May 2010
News that Spain had to rescue one of the countries regional lenders led to renewed worries about the health of Europe’s economy and banks.
Spain's authorities on Saturday stepped in to rescue CajaSur, one of the country's troubled savings banks. The lender has been struggling due to its exposure to the collapse in the Spanish property sector.
The Bank of Spain is now running CajaSur, which will be recapitalised with over €500m from the new Frob, the Fund for Orderly Bank Restructuring. CajaSur represents about 0.6% of the assets of the Spanish banking system.
The bailout was weighing on Spain’s banking sector, with shares in Santander, BBVA and Banco Popular all stuck in the red.
Elsewhere in Europe, Commerzbank, Deutsche Bank, Societe Generale and Credit Agricole were also lower.
The oil disaster in the Gulf of Mexico has cost BP about $760m (£525m) so far and the under-fire oil giant faces being “pushed out of the way” if its clean-up operation doesn’t do better.
So far 23,000 claims have been filed in relation to the MC252 oil well spill and 9,000 have already been paid. A week ago, it had cost the company about $625m.
Cabin crew working for loss-making airline British Airways started the first of three planned five-day strikes today after peace talks broke down at the weekend.
Travellers face massive disruption despite BA’s attempt to fly as many planes as possible, although it had looked like industrial action could be avoided following a last-minute overture from the Unite union.
CAC 40 - Risers
PPR (PP) € 92.61 +2.09%
Cap Gemini (CAP) € 37.28 +1.87%
Vinci (DG) € 35.90 +1.56%
Vallourec (VK) € 148.10 +1.37%
Bouygues (EN) € 33.28 +1.32%
Saint Gobain (SGO) € 31.40 +1.08%
Danone (BN) € 40.79 +1.04%
Michelin (ML) € 53.22 +0.93%
Credit Agricole (ACA) € 9.40 +0.89%
BNP Paribas (BNP) € 46.55 +0.72%
CAC 40 - Fallers
Suez Environnement Company (SEV) € 13.70 -5.09%
Accor (AC) € 38.34 -1.94%
ArcelorMittal SA (MT) € 23.79 -1.51%
AXA (CS) € 12.85 -1.27%
EADS (EAD) € 15.68 -1.07%
LVMH (MC) € 82.85 -1.06%
GDF Suez (GSZ) € 24.89 -1.05%
Lagardere SCA (MMB) € 26.32 -0.90%
Dexia (DEXB) € 3.46 -0.89%
Lafarge (LG) € 45.13 -0.88%
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