Danish stocks bounce back after global plunge

The C20 Cap Index stock exchange bounced back on Tuesday following a slump after crashing financial markets in China and elsewhere in Asia sent ripples around the world.

Danish stocks bounce back after global plunge
European stocks rebounded Tuesday in early deals, despite another rampant sell-off in China. Photo: Eric Piermont/Scanpix
After falling 4.7 percent on Monday, Danish blue chips were up by 3.3 percent by midday on Tuesday as other European bourses also appeared to make a comeback. 
Monday was the worst day ever for the C20, the Copenhagen Stock Exchange’s elite index covering Denmark’s 20 largest publically-traded companies. The index fell by 4.7 percent and according to Berlingske Business, investors have lost a combined total of 357 billion kroner on the index over the past three weeks. 
Tuesday’s action in Copenhagen followed the general trend in Europe, which saw the UK's FTSE as well as Germany's Dax and the French CAC 40 recuperating by 1.7 percent in early trading while shares in Italy rose 2.0 percent. Stockholm’s stock exchange also rose by 3.1 percent in the first hour of Tuesday trading. 
On the other side of the Atlantic, Wall Street was also expected to bounce back at the opening of trading later in the day, after suffering its biggest one-day loss in four years on Monday.
However, the Shanghai composite continued to fall on Tuesday, closing down 7.6 percent, following a period of unstable markets since a shock currency devaluation in China almost a fortnight ago. Tokyo's Nikkei index closed down 4.0 percent.
China’s central bank announced on Tuesday that it will cut its lending and deposit rates by 0.25 percent in an effort to shore up its markets. 

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‘We agree to disagree’: Still no progress in marathon SAS strike talks

By lunchtime on Friday, talks between the Scandinavian airline SAS and unions representing striking pilots were still stuck on "difficult issues".

'We agree to disagree': Still no progress in marathon SAS strike talks

“We agree that we disagree,” Roger Klokset, from the Norwegian pilots’ union, said at lunchtime outside the headquarters of the Confederation of Swedish Enterprise in Stockholm, where talks are taking place. “We are still working to find a solution, and so long as there is still some point in continuing negotiations, we will do that.” 

Mats Ruland, a mediator for the Norwegian government, said that there were “still several difficult issues which need to be solved”. 

At 1pm on Friday, the two sides took a short break from the talks for lunch, after starting at 9am. On Thursday, they negotiated for 15 hours, breaking off at 1am on Friday morning. 

READ ALSO: What’s the latest on the SAS plane strike?

Marianne Hernæs, SAS’s negotiator on Friday told journalists she was tired after sitting at the negotiating table long into the night. 

“We need to find a model where we can meet in the middle and which can ensure that we pull in the income that we are dependent on,” she said. 

Klokset said that there was “a good atmosphere” in the talks, and that the unions were sticking together to represent their members.

“I think we’ve been extremely flexible so far. It’s ‘out of this world’,’ said Henrik Thyregod, with the Danish pilots’ union. 

“This could have been solved back in December if SAS had not made unreasonable demands on the pilots,” Klokset added. 

The strike, which is now in its 12th day, has cost SAS up to 130m kronor a day, with 2,550 flights cancelled by Thursday, affecting 270,000 passengers.