European markets steady as Asia struggles

European markets steady as Asia struggles

European stockmarkets remained steady in early trading as Greece was given five days to submit proposals for a new deal.

The German Dax index gained 0.48 per cent as of 8.14am to reach 10,727.78, while the Cac 40 index in France climbed 0.62 per cent to 4,633.37.

Meanwhile the FTSE 100 index added 0.54 per cent to 6,467.25 ahead of the UK Budget later today. The index was boosted by Barclay’s announcement that it will be replacing its chief executive Anthony Jenkins.

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The stock climbed 2.99 per cent in early trading following the news that John McFarlane will be appointed executive chairman from July 17 2015, until a new chief executive is appointed.

Meanwhile Asian stocks suffered, as China’s Shanghai Composite index fell 5.91 per cent to close at 3,506.78, while the Hang Seng index in Hong Kong dropped 8.23 per cent to 22,919.96.

In contrast US markets ended trading on a slightly positive note with the S&P500 index closing 0.61 per cent higher and the Dow Jones index up 0.53 per cent.