European shares market closed july 24, 2012

European shares market closed july 24, 2012 : European shares fell on Tuesday, extending the previous session's steep losses in choppy trade as investors balanced fears Spain may need a full bailout with an expectation central banks will provide further stimulus to ease ailing economies.

The FTSEurofirst 300 provisionally closed down 0.4 per cent at 1,020.65, having sunk 2.4 per cent on Monday on heightened concerns over Spain after press reports indicated more of its regional governments could follow Valencia in requesting aid.


The IBEX 35 in Madrid, dropped 3.6 per cent, whilst Milan's FTSE MIB shed 2.7 per cent to close at its lowest level since the launch of the euro as many see Italy as the next potential bailout candidate.

UK FTSE -0.4% German DAX -0.2% French CAC -0.5% Spain IBEX -3.5% Italy MIB -2.7% Lowest close in Spain in 9 years, lowest close in Italy since the euro. All indexes closed near the lows of the day.

Short term Spanish bond yields continued to rise, partially inverting the yield curve, which is usually a sign that markets are pricing in a greater risk of a credit event.

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