European shares end in red, Iraq tensions in focus . . . . . . . . . . . . European shares ended red on Friday, adding to this week’s losses amid concerns of escalating tensions in Iraq and rising oil prices. Shares were lower after U.S. President Barack Obama warned of possible military strikes in Iraq after a rebellion led by an Ismalist group called the Islamic State of Iraq spread all over the country. On Friday, heavily armed Islamist militants flush with $450 million in stolen cash pushed toward Baghdad, according to NBC News, sending thousands fleeing in fear from the Iraqi capital. Iran will send elite troops to help the Iraqi government fight the rebellion, according to the Wall Street Journal. Crude oil prices surged on worries of supply interruptions. - Stoxx 600 lost 0.22 percent or 0.76 points to 347.07 - Stoxx 50 dropped 0.04% or 1.44 points to 3282.84 In individual corporate news, shares of oil companies were up on Friday, as the price of the commodity moved higher. Total, Shell and BP all ended the day with modest gains. Airline stocks moved in the opposite direction on tensions in Iraq. Lufthansa, Air France and Ryanair all closed down slightly. U.K. homebuilders ended the day lower, after Carney`s speech focused on cooling the nation`s housing market. Shares of Barratt Development closed down by around 6.1 percent, with Persimmon Homes` easing 6.9 percent. -The British FTSE 100 lost 0.95% or 65.26 points to 6777.85 -The French CAC 40 lost 0.24% or 11.12 to 4543.28 -Frankfurt’s DAX 30 lost 0.26% or 25.83 points to 9912.87 #egyptyard
Posted on: Fri, 13 Jun 2014 16:50:47 +0000
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