You’re watching the Financial News Network at fnno.com, I’m Julia Sun. European market slid across the board triggered by the financial emergency in the Valencia region in Spain. The region, which is South of Barcelona and East of Madrid on the coastline, is suffering severe liquidity issue and needs to tap into the emergency funding. Spanish government also cut its economic growth forecasts for both 2012 and 2013, further pressing down on the indexes. Euro Stoxx fell 2.83%, CAC 40 was down 2.14% and DAX was down 1.9%. 10-year Spanish bond yield stayed well above 7% and Euro fell the lowest level against the Dollar since June 2010, now sitting at the lower half of 1.21 as we finish up the week. I’m Julia Sun for the Financial News Network. For more news and updates, keep it right here, or follow us on twitter @FNNOnline for more headlines on the go.
From FNNO.com, this is the Financial News Network. I’m Cleo
Stiller-Farrell and this is your Midweek Market Wrap Up. The British
Bankers’ Association, which has the supervisory role of setting the
influential Libor rates, announced that it would be willing to give up