LONDON: Trading in European markets fell sharply early Monday as the popular uprising in Egypt gains more steam. Oil prices also began to jump upwards as economists fear the unrest in Egypt will have a great impact on international markets. Early shares on the FTSEurofirst 300 were down 0.4 percent, continuing the one percent drop it saw on Friday. Reuters news network reported that major banks also were falling, including Barclays, Societe Generale and UniCredit. It also reported that Brent crude hovered around $100 per barrel as traders seem to believe that the instability in Egypt could spark sell-offs elsewhere in the Middle East. The Middle East and North Africa are responsible for more than one-third of the world's oil. “Egypt wouldn't be a worry in its own right — the worry is that you would have instability in the oil states. Any instability is a negative for markets,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin, in comments published by Reuters. Egypt's own stock market remains closed and banks across the country are also shutdown due to the uprising. Tens of thousands of Egyptians are expected on the streets Monday. A curfew has been called to begin at 4 pm local time, but is likely to be largely ignored by protesters as they have in the past few days. At least 100 people have been killed since demonstrations started on January 25. BM
