Out of bounds

Out of bounds



LONDON
(Reuters) - European shares fell on
Friday as a new batch of corporate results failed to change the mood since the previous session, following a meeting of the European Central Bank that pushed the euro to a two-year high. Stoxx 600 European 0.1 percent, continuing losses for the second session in a row as exporters were negatively affected by the strength of the euro. All the major European bourses fell slightly, but a number of leading stocks rose again thanks to announcements of results. Vodafone, the second largest telecommunications company The world's largest mobile phone, posted a better-than-expected growth in first-quarter revenue, rising 2.3 percent. But Philips Lighting, the world's largest maker of light bulbs, fell 7.6 percent after the second-quarter results were released. Valleo Motor Manufacturing fell 3.9 percent on the first-half report. Bailiff jumped 8.6 percent after receiving a bid from Blackstone and CVC Capital Partners. The travel and entertainment index rose 0.2 percent following a sharp loss in the previous session on the back of a drop in Germany's Lufthansa and EasyJet British Airways for low cost flights.


US
Gold Hits 3-Week
High as Dollar Falls Gold hit a three-week high on Friday, heading for gains for the second straight week as the dollar fell to its lowest price in 13 months. By 0732 GMT the spot price of gold Up 0.2 percent to $ 1247.17 an ounce after hitting its highest since June 29 at $ 1248.30. The price has risen 1.5 percent since the beginning of the week. US gold futures rose 0.1 percent to $ 1246.50 an ounce. 6 percent in spot transactions to $ 16.38 an ounce after touching $ 16.42 in the previous session, the highest since July 3. Platinum fell 0.4 percent to $ 923 an ounce but headed for weekly gains. Palladium rose 0.7 percent to $ 848.75 an ounce, From 1 percent this week.


Doha
Qatar banks may face liquidity challenges due to diplomatic crisis
Qatari banks may need more money from the state and new sources of funding from outside the Gulf region, as banks and investors from the Saudi-led group are likely to withdraw more funds amid bitter dispute with Qatar. Banks are feeling the impact of the dispute with Saudi Arabia, the United Arab Emirates, Bahrain and Egypt, which severed diplomatic relations and transport links with Qatar on June 5 and imposed economic sanctions on Doha. Qatar has accused Qatar of funding Islamic militant groups and an alliance with Iran, charges denied by Doha. The crisis has prompted banks from four Arab countries to stop making new deals with Qatar and many Qatari banks have seen a flood of deposits. Five Qatari banks rose by 16.8 billion riyals ($ 4.6 billion) in the second quarter compared with the previous quarter as Qatar's sovereign wealth fund intervened by injecting new funds. Credit rating agencies and analysts said the pumping did not calm down. Concerns about liquidity in Qatari banks in the coming months due to the reliance of these banks on external sources of finance. "The immediate challenge for these banks is liquidity," said Mohammed Damak, a senior manager at Standard & Poor's Ratings. The crisis has prompted banks from the four Arab countries to stop making new deals with Qatar and many Qatari banks have seen deposits. Bank statements this week showed total deposits at the top five Qatari banks rose by 16.8 billion riyals ($ 4.6 billion) Compared to the previous quarter as Qatar Investment Authority, the sovereign wealth fund of the country, intervened by injecting new funds. Credit rating agencies and analysts said the pumping did not ease concerns about Qatari banks' liquidity in the coming months due to the heavy dependence on financing sources. Foreign Affairs "The immediate challenge for these banks is liquidity," said Damak, a senior manager at Standard & Poor's Ratings. The crisis has prompted banks from the four Arab countries to stop making new deals with Qatar and many Qatari banks have seen deposits. Bank statements this week showed total deposits at the top five Qatari banks rose by 16.8 billion riyals ($ 4.6 billion) Compared to the previous quarter as Qatar Investment Authority, the sovereign wealth fund of the country, intervened by injecting new funds. Credit rating agencies and analysts said the pumping did not ease concerns about Qatari banks' liquidity in the coming months due to the heavy dependence on financing sources. Foreign Affairs "The immediate challenge for these banks is liquidity," said Damak, a senior manager at Standard & Poor's Ratings.

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