A meaningful weekly growth was registered on European stock markets. The EU summit that took place on 18-19 October was an important event of the previous week. The summit saw the first subject negotiations on setting up a banking and budget union in Europe. Leaders of the EU countries came to an agreement that a system would be set up during 2013 that would make it possible for the European Central Bank to supervise all 6,000 banks in the euro area. On Wednesday, 17 October, the yearning rate of government securities in Italy, Spain and Portugal plummeted record-low over a long period of time after Moody’s rating agency confirmed its evaluation of Spain’s solvency at the level suitable for investment.
Thorough growth of American stock markets that has been registered during the first three trading days of the week was practically completely leveled out by a collapse during the trading time on Friday, 19 October.
Investors were disappointed with corporate accounting indicators. The same day also coincided with the 25th anniversary of the Black Monday – a day when the Dow Jones Index sank 22.6%, which was followed by a
decline that expanded to all global exchanges.
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