European markets are going through losses on Thursday, with the financial sector driving losses, after Credit Suisse quarterly earnings missed forecasts. In currency markets Euro and Pound slide on risk aversion.
Eurostoxx 50 Index drops 1.13%, while the German DAX drops 0.6%, and the French CAC Index sheds 0.95%. In the UK, the FTSE Index drops 0.7% two hours after the opening bell.
Shares of Credit Suisse have dropped 2.7% after reporting a 6.1% increase on fourth quarter's net profit, to CHF841 million, below the market consensus of CHF914 million. BBVA has lost 1.2% and Societe Generale dropped 1.1%.
Euro and Pound lower
EUR/USD recovery from 1.3500 low on Monday, extended yesterday to 1.3745 high, and the pair pulled back below 1.3700 in Asia, to accelerate downtrend at European session opening, reaching session lows at 1.3615.
GBP/USD rebound from 1.6030 low yesterday extended to 1.6125, where the pair found resistance and pulled back over the Asian session, to revisit 1.6025/30 support level on early European session.
USD/JPY recovery from 81.10 low on Friday extended yesterday above 83.45 resistance area, and, after a slight pullback to 82.20, the pair rose moderately over the Asian session to reach 82.78 high on early European session.