Markets

European stocks end rally amid uncertainty over Greek bailout

Tsipras will have to get support of parliament for deal

An employee monitors financial information on his computer screens on the trading floor at Panmure Gordon & Co. European stocks snapped a four-day rally as doubts about whether Greek prime minister Alexia Tsipras could get backing for the bailout deal. Photograph: Jason Alden/Bloomberg

Tue Jul 14 2015 - 09:21

European stocks ended a four-day rally on Tuesday, edging lower as investor uncertainty about whether Greece would be able to get the support of its parliament behind the bailout deal hit sentiment.

Just hours after signing up to an austerity package in return for agreeing to talks on an €86 billion bailout designed to avert bankruptcy, doubts were already emerging about whether Greek prime minister Alexis Tsipras would be able to hold his government together.

The pan-European FTSEurofirst 300 index was down 0.1 per cent at 1,570.77 by 0708 GMT, having risen 1.9 per cent in the previous session as markets welcomed the initial deal. The euro zone’s Euro STOXX 50 index was down 0.2 per cent after hitting a two-week high on Monday. It has gained about 9 per cent since last Tuesday’s close. Top faller on the FTSEurofirst 300 was RWE , after the German utility firm was cut to “sell” from “neutral” by UBS.

Reuters

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