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BVB continues to register losses

BVB's session of yesterday debuted downward, a few minutes after the beginning of the transactions BET-FI index falling by over 11 per cent, Hotnews.ro informs. BET-C index registered a fall of over 6 per cent vs. the session of Wednesday.

The Stock Exchange indexes registered losses of over 4.5 per cent one hour after the beginning of the trading session, a bigger fall of over 7 per cent being registered by the financial investment companies. Last week was the most disastrous period since the re-establishment of the Stock Exchange in 1995, BET-C losing in only five days 26.86 per cent, while BET index dropped 27.03 per cent. The biggest loss was registered by the index of the five financial investment companies.

Europe shares down on recession fear

European shares fell on Thursday, echoing U.S. and Asian equity markets amid mounting fears of a global economic slowdown which weighed heavily on raw material stocks such as steelmaker ArcelorMittal. Stocks were above early lows, however, and by 5:08 a.m. EDT the FTSEurofirst 300 index of top European shares was down 2.5 per cent at 881.49 points, having dropped as much as 5.6 per cent initially. "The situation on the financial markets remains tense," German bank Helaba said. Morgan Stanley addressed the same theme, saying that while the decisive fiscal, monetary and regulatory action taken was likely to prevent a 1930s-style depression, "a recession in the industrialized world is still in the cards."The recession will not be particularly deep but will be quite prolonged, and will at best be followed by a subpar recovery," Morgan Stanley said.

Cheapear oil

Energy stocks lost ground as the crude oil price fell more than 3 per cent to trade near USD 72 a barrel. "The timing, speed and extent of any potential global economic recovery are very difficult to pin down," Credit Suisse said, cutting its 2009 crude oil price forecast to USD 75 a barrel from USD 110.Among financials, the focus was on UBS and Credit Suisse VSGN.VX after news that Switzerland's two largest banks will receive billions of francs of emergency funding from the Swiss government and others to shore them up against the financial crisis. CS Group was up 7.2 per cent after falling as much as 10 per cent earlier and UBS traded 3.8 per cent higher, having lost nearly 9 per cent.

 

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