Egyptian clashes keep market sentiment in check

By ASSOCIATED PRESS
February 3, 2011 14:19




LONDON — Violent clashes in Egypt between pro- and anti-government demonstrators kept sentiment in financial markets in check on Thursday, ahead of the monthly interest rate decision from the European Central Bank. Traders monitored the situation in Cairo as the Egyptian army moved to end the violence after standing by this week as the two sides battled with rocks, sticks, bottles and firebombs.

Though the market impact of Egypt's turmoil has diminished as the week progressed, it has fueled uncertainty.

That's evident in the oil markets, where traders worry oil-producing countries could be affected. A barrel of Brent crude in London was traded just shy of $103, while the benchmark New York equivalent was around $11 lower at $91.54. Both traded at their highest levels since 2008.


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