LONDON, July 23: European shares were set to extend the previous session’s steep losses on Monday on concerns Spain might need a full-blown sovereign bailout and as bond yields in the heavily-indebted country climbed to their highest since the euro was created.
Murcia on Sunday became the second Spanish region after Valencia to say it would tap a government programme to keep its finances afloat, while media reported half a dozen governments were ready to follow the two regions.
Financial spreadbetters expected Britain’s FTSE 100 to open 44 to 47 points lower, or as much as 0.8 percent, Germany’s DAX to fall 69 to 70 points, or as much as 1.1 percent, and France’s CAC-40 to drop 47 to 48 points, or as much as 1.5 percent.
(agencies)
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