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European shares inch higher in early trade
by hlk Wed 28 Dec 2011, 20:32
PARIS (Dec 28): European stocks inched higher in early trade on
Wednesday, barely keeping their year-end rally alive, with fresh worries
over the euro zone debt crisis and Iran's threat to stop the flow of
oil through the Strait of Hormuz capping gains.
At 0805 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 991.11 points.
Despite the recent massive liquidity injection by the European Central
Bank, banks still appear to distrust each other and prefer to deposit
their money at the ECB's overnight facility than lend to each other.
Latest figures show banks deposited 412 billion euros ($538.3 billion)
at the central bank. Emergency overnight borrowing also remained high at
above 6 billion euros.
"This really highlights the reluctance
banks have to lend to each other and they would rather take a small loss
than go to the inter-bank market," IG Markets dealer Chris Weston said.
- Reuters
Wednesday, barely keeping their year-end rally alive, with fresh worries
over the euro zone debt crisis and Iran's threat to stop the flow of
oil through the Strait of Hormuz capping gains.
At 0805 GMT, the FTSEurofirst 300 index of top European shares was up 0.1 percent at 991.11 points.
Despite the recent massive liquidity injection by the European Central
Bank, banks still appear to distrust each other and prefer to deposit
their money at the ECB's overnight facility than lend to each other.
Latest figures show banks deposited 412 billion euros ($538.3 billion)
at the central bank. Emergency overnight borrowing also remained high at
above 6 billion euros.
"This really highlights the reluctance
banks have to lend to each other and they would rather take a small loss
than go to the inter-bank market," IG Markets dealer Chris Weston said.
- Reuters
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