Business

Morning business round-up: Rally on short-selling ban

What made the business news in Asia and Europe this morning? Here's our daily business round-up:

Market Data

Last Updated at 03:18 GMT

Market index Current value Trend Variation % variation
Dow Jones 21796.55 Up 85.54 0.39%
Nasdaq 6382.19 Down -40.56 -0.63%
FTSE 100 7443.01 Down -9.31 -0.12%
Dax 12212.04 Down -93.07 -0.76%
Cac 40 5186.95 Down -3.22 -0.06%
BBC Global 30 10121.61 Down -26.25 -0.26%

European stocks moved higher as the latest attempt to restore stability takes effect.

Overnight, four eurozone countries - France, Italy, Spain and Belgium - banned short-selling of some financial shares.

for example, France's market supervisor, the AMF, said it was banning short-selling on 11 banking and insurance stocks for 15 days, including France's three largest banks, Societe Generale, BNP Paribas and Credit Agricole.

Earlier, Asian markets finished mixed after a week of volatile trading.

Meanwhile, figures from national statistics agencies showed the Greek economy is still shrinking while the French economy is stagnating.

In the second quarter, Greece's economic output contracted by 6.9% year-on-year. France's statistics office, Insee, said economic growth was zero in the quarter compared with the previous three months, but French Finance Minister Francois Baroin insisted the economy was solid.

Chinese train maker China CNR is recalling 54 bullet trains as problems continue to plague the industry.

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The government continues to face public fury over a crash that killed 40 people last month, and the announcement comes a day after officials placed a temporary halt on all new high-speed rail projects.

In the UK, the construction industry grew by 2.3% in the second quarter, which was faster than analysts had expected.

As a result, the Office for National Statistics said that it could now revise up its estimate for overall economic growth in the quarter.

Finally, the closure of the News of the World, formerly owned by News International, has boosted Sunday paper sales at rival newspaper group Trinity Mirror.

Shares in Trinity Mirror jumped 16% after it said circulation of its Sunday Mirror newspaper rose 55% in July.

Today's Business Daily programme from the BBC World Service looks at three different scenarios of what the troubled eurozone could look like in 2020.

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