Northern Rock A Drag As Europe Ends Flat
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Bidder quits the race for Northern Rock; German autos BMW and Daimler report healthy sales, as does Denmark's Vestas Wind Systems.
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European stocks were in lacklustre form in early trading with little news to tempt investors into the markets in the run-up to Christmas.
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European equity markets were off to a slow start on Thursday as losses for French banks followed results from BNP Paribas, offsetting gains for fashion and luxury goods groups and carmakers.
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European shares were flat in light trade in the truncated session before Christmas, but exporters in the automotive sector weakened after the euro hit a new all-time high above &#36;1.35.
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Europe&#39;s main stock markets faltered on Thursday following heavy losses on Wednesday triggered by an increase in eurozone interest rates, dealers said.
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The FTSE 100 lost ground Wednesday as investors positioned themselves ahead of interest-rate decisions by the Bank of England and the European Central Bank.
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Business & money: Northern Rock's share price is expected to suffer a further slide as the prospect of a bid ebbed away.
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Investors were busy, but the indexes ended the day flat.
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The pound slumped to a one-month low against the euro on concerns over the outlook for the UK economy combine with the continued fallout from news of the planned nationalisation of Northern Rock.
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The pound steadied out after a woeful performance earlier in the day, which was sparked by a run on deposits at embattled lender Northern Rock.
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European equities were little changed on Friday, coming off intraday gains as Wall Street indices lost momentum.
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Leading shares closed flat, with the FTSE 100 index having reverberated around the 4,700 level all session finishing nearer highs than lows thanks to strength in oils and financial issues, while New York put in a weak morning performance, consolidating after recent gains, dealers said.
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The FTSE fell on Wednesday as a disappointing trading update from Northern Rock added to concern about rising interest rates.
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European shares turned negative and government bonds were struggling for direction on Thursday after US data showed subdued inflation numbers, flat spending and a rise in unemployment.
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European stock markets eked out modest gains in early trading as dealers shrugged off a weak performance on Wall Street overnight.
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European equities fell on Thursday as investors considered the impact of near-term eurozone interest rate increases and mulled a mixed set of corporate earnings.
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On Thursday 13th September, after the market had closed, the Bank of England announced to have provided emergency cash to Northern Rock, the fifth largest mortgage lender in the country. The Bank of England played down the intervention, saying that it is not a "bail-out" but rather a loan meant to ease the bank's difficulties in financing its short-term operations in the face of the recent market turmoil. The bank's assets are reportedly solid and there is no risk for shareholders.  In spite of this reassurance, the stock price of this former market darling tumbled 30% on Friday. People were seen queing outside branches while the website went down as the bank clients rushed to withdraw their money using the online banking facility.  It's the first time in my life I've seen that Great Depression staple, the bank run.