European Stocks Pressured By Brexit Fears
Fahad Shabbir (@FahadShabbir) Published July 20, 2016 | 02:09 PM
NEW YORK,(UrduPoint / Pakistan Point News - 20th july,2016) - European equity markets were pressured Tuesday as the International Monetary Fund cut its growth forecasts after Britain's EU exit, which also appeared to be casting a shadow over Germany's outlook. Declines in Paris and Frankfurt came as the Dow climbed to a fresh record in the US and the Dollar strengthened on the comparatively benign outlook of the American economy.
"The outperformance of the US economy, safety of US assets and steady monetary policy makes American investments attractive and keeps the dollar in demand," said Kathy Lien of BK Asset Management. The IMF trimmed its forecasts for growth to 3.
1 percent this year and 3.4 percent in 2017, both down 0.1 percent from the prior estimates.
The IMF also downgraded its 2016 growth forecast for the British economy by 0.2 percentage points to 1.7 percent. Nevertheless, London's benchmark FTSE 100 index appeared to shrug off the gloomy prediction, closing almost flat. A leading survey showed Tuesday that investor confidence in Germany fell to its lowest level in nearly four years in July on concerns about the Brexit fallout. Focus in the US was dominated by earnings announcements from big companies, with most companies meeting or exceeding expectations.
Related Topics
Recent Stories
SIU arrests robbery gang targeting bank customers
Asia Cricket Week from April 28
PSA World C'ships in May
Food Safety Authority raids hospitals' canteen across KP
US Fed's favored inflation measure accelerates in March
Kenya flood death toll since March climbs to 70: govt
Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..
Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot
PRCS Chairman, Moroccan envoy discuss humanitarian relations
50pc cut in subsidy of BRT service likely: CM’s aide
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
Cop, suspected outlaw injured in police encounter
More Stories From Business
-
50pc cut in subsidy of BRT service likely: CM’s aide
17 minutes ago -
PSX gains 771 points
55 minutes ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
2 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
58 minutes ago -
Coca-Cola invests an additional $22 million in Pakistan
2 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
2 hours ago
-
SBP to announce monetary policy on April 29
46 minutes ago -
London stocks hit new record peak on takeovers
46 minutes ago -
Rupee sees slight recovery against US dollar
46 minutes ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
4 hours ago -
Shipping Activity at Port Qasim
5 hours ago -
Yen falls further as Bank of Japan stands pat on rates
46 minutes ago