European stocks fluctuate amidst US economic uncertainty

October 14
8:10 PM 2013

Stock prices of European firms fluctuated between losses and gains as investors awaited with bated breath as to the progress of discussions on the debt ceiling issue and restoration of shut down government services. On the other hand, US index features as well as Asian share values declined.

The Stoxx Europe 600 declined by less than 0.1% to 311.44 in midmorning trading in London. The gauge advanced 0.3% in October despite the lack of a clear agreement for US lawmakers on the said budget items, resulting in the first US shutdown in nearly two decades. A second issue would be the world's largest economy would exhaust its debt limit by Thursday and without Congressional measure in sight to increase the debt limit.

The Standard & Poor's 500 Index futures fell 0.7% today while the MSCI Asia Pacific, which excludes the Japan Index fell 0.2%. Equity markets in both Hong Kong and Japan have been closed for recent holidays while US bond markets were shut down because of Columbus Day celebrations while the stock market remained open.

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