European stock markets august 8 2011, FTSE 100 Down, Paris CAC-40 flat

Indonesia stock info - European stock markets august 8 2011, FTSE 100 Down, Paris CAC-40 flat ; European stock markets started to pull back from opening lows Monday, after the European Central Bank's reported purchase of Italian and Spanish bonds offset some of the damage caused by Standard & Poor's historic downgrade of U.S. government debt late Friday.

Although stocks opened sharply lower as markets digested S&P's move, action taken by the ECB early Monday together with comments from authorities over the weekend helped to soothe market concerns, and provided European markets with a much needed bounce. By 0810 GMT, the Stoxx Europe 600 index was down 0.2% at 238.35 from an early morning low of 235.50.

Regionally, London's FTSE 100 was down at 5226.45, Frankfurt's DAX was 0.6% lower at 6195.34 and Paris's CAC-40 was flat at 3277.22. Within the euro-zone periphery, Italy's FTSE MIB index advanced 2.5%, while Spain's IBEX rose 2.8% and Portugal's PSI was up 1.4%.

The push to the upside came after the ECB reportedly bought Italian and Spanish government bonds for the first time Monday, said traders, noting that the purchases were made in significant sizes. This followed hints by the ECB on Sunday that it was ready to buy more bonds in the markets.

In the currency markets, the ECB's purchases of Italian and Spanish bonds helped push the euro a little higher. The dollar however, was still suffering on S&P's downgrade of U.S. debt.

By 0817 GMT, the euro was at $1.4330 from $1.4280 late Friday in New York, having climbed to $1.4429 earlier in choppy trade. The dollar was at Y77.82 from Y78.48.

In other asset classes, September Nymex crude oil futures were recently down $2.47 at $84.41. Spot gold enjoyed a rush of safe-haven demand, and was fetching $1700.90 per troy ounce, up $40.10 from New York trade. In the bond markets the September bund futures contract was down 69 ticks at 131.67.

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