European shares fall, up over 2007
Wednesday, 2 January 2008
LONDON, Jan 1 (AFP): Europe's main stock markets fell in shortened trade Monday -- the final dealing day of a year in which gains for equities have been curtailed by worries about the troubled US economy.
London's FTSE 100 index closed down 0.31 per cent at 6,456.90 points and the Paris CAC 40 lost 0.23 per cent to 5,614.08.
Frankfurt, which was shut Monday, ended 2007 on a high, posting a gain of 0.36 per cent to 8,067.32 points last Friday.
The DJ Euro Stoxx 50 index of eurozone shares slipped 0.11 per cent to 4,399.72 points Monday.
In London, pharmaceutical giants GlaxoSmithKline and AstraZeneca were in focus after confirming Saturday that they are being investigated over bribes allegedly paid to Saddam Hussein's deposed Iraqi regime.
Both companies have been asked to hand over documents by Britain's Serious Fraud Office (SFO), which is probing possible breaches of the United Nations' oil-for-food sanctions against Iraq.
GSK and AstraZeneca denied any wrongdoing and said they were co-operating fully with the investigation.
On Monday, AstraZeneca shed 0.51 per cent to 2,164 pence and GlaxoSmithKline lost 0.16 per cent to 1,279 pence.
The past year, meanwhile, will be remembered for heavy losses on stock markets during the fourth quarter when a credit crunch evolved out of the US subprime housing crisis.
Financials were particularly hurt by a tighter lending situation, especially Northern Rock, whose share price disintegrated when the British mortgage lender had to be bailed out by the Bank of England.
London's FTSE 100 index closed down 0.31 per cent at 6,456.90 points and the Paris CAC 40 lost 0.23 per cent to 5,614.08.
Frankfurt, which was shut Monday, ended 2007 on a high, posting a gain of 0.36 per cent to 8,067.32 points last Friday.
The DJ Euro Stoxx 50 index of eurozone shares slipped 0.11 per cent to 4,399.72 points Monday.
In London, pharmaceutical giants GlaxoSmithKline and AstraZeneca were in focus after confirming Saturday that they are being investigated over bribes allegedly paid to Saddam Hussein's deposed Iraqi regime.
Both companies have been asked to hand over documents by Britain's Serious Fraud Office (SFO), which is probing possible breaches of the United Nations' oil-for-food sanctions against Iraq.
GSK and AstraZeneca denied any wrongdoing and said they were co-operating fully with the investigation.
On Monday, AstraZeneca shed 0.51 per cent to 2,164 pence and GlaxoSmithKline lost 0.16 per cent to 1,279 pence.
The past year, meanwhile, will be remembered for heavy losses on stock markets during the fourth quarter when a credit crunch evolved out of the US subprime housing crisis.
Financials were particularly hurt by a tighter lending situation, especially Northern Rock, whose share price disintegrated when the British mortgage lender had to be bailed out by the Bank of England.