Italian Crisis Exercises Markets

Just as one problem is solved, another rears its head

Morningstar.co.uk Editors 7 November, 2011 | 5:44PM
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Any cheer that markets may have derived from news that the Greek government lives to fight another day was swiftly dampened by worries over Italy. Italian bond yields moved to record highs on news that Prime Minister Berlusconi faced a rebellion over structural reforms necessary to alleviate the country’s debt burden.

The FTSE 100 was down 0.3% to 5,511. The European markets also had a weak day’s trading with the CAC 40 and Dax both lower on the day. The US markets also opened weaker by around 0.5%.

Weir Group was one of the day’s biggest fallers, in spite of interim management statement saying that the engineering group was likely to start 2012 with a record order book. Reported orders rose by 27% in the third quarter. The move was thought to be profit-taking on the back of the recent strong run in the shares.

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Morningstar.co.uk Editors  analyse and report on shares, funds, market developments and good investing practice for individual investors and their advisers in the UK.