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Societe Generale Asked the Authorities to Start A Witch Hunt

European markets recovered some of Wednesday’s losses. Stock markets rose but stayed volatile. Fears and worries over European debt crisis are still going on. The European stocks improved following the reassuring statements of the CEO of the French bank Societé Générale and President Sarkozy’s pledge to reduce the deficit at all costs.

Barclays PLC (ADR) (NYSE:BCS)

Societe Generale asked the French authorities to open an investigation to find the source of the rumours. The bank denied all the rumours and reassured its clients that they can have confidence in Societe Generale. The British newspaper Daily Mail published an article on Sunday, August 7th, claiming that Societe Generale (and Italian bank Unicredit) would need government assistance and will need to be bailed out by the French government, but it cited no sources. On August 9th, the British newspaper Daily Mail withdrew this article from its internet site and apologized to Societe Generale, saying that what its article suggested was not true.

European stock market overview-Thursday Aug 11, 2011:

Cac40 is up 2.89% to 3089.66.
Top winners were ST Microelectronics,Veolia Environ,French investment and corporate bank NATIXIS.
FTSE 100 gained 3.11% to 5,162.83.
The biggest stock gainer was Barclays.
Frankfurt DAX is up 3.28% to 5797.66.
Commerzbank AG was the top winner in German stock exchange.