Newspaper article The Journal (Newcastle, England)

Greek Worries Drag Markets Further South

Newspaper article The Journal (Newcastle, England)

Greek Worries Drag Markets Further South

Article excerpt

Byline: Scott Farnetti

UK shares ended the week on a low as the FTSE 100 Index shed 43 points to close at 5,852. Friday saw thousands of Greeks taking to the streets to demonstrate against wage cuts included in the new pounds 2.76bn austerity package.

Barclays' shares were resilient despite the bank stating that it would miss its ambitious profit target for next year. The group also introduced a cap on the amount of cash it pays its bankers as it grappled with the increasingly difficult economic environment. The sharpest fall in pre-tax profit was at its investment banking operations, Barclays Capital, where earnings decreased by a third to just short of pounds 3bn, from pounds 4.4bn in 2010. Analysts commented that the results are unlikely to divert the market's focus from economic conditions as the primary driver of the performance of the sector. Over the last few months, these have been favouring the sector and Barclay's shares have climbed from below 140p in September, to 234p at present. …

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