Franco-German efforts fail to satisfy markets

Global stocks fell Wednesday in a downbeat assessment of a Franco-German summit that failed to persuade investors that a convincing attach to the eurozone's spiraling debt crisis was imminent, French President Nicolas Sarkozy and Germany Chancellor Angela Merkel call for greater economic and political unity surrounded by the 17 nations that share the euro.

But they failed to take the decisive events the markets had hoped for, including committing to common eurobonds that would extend the risk for the sovereign debt or strengthening a new bailout fund,The market reaction showed small confidence in the announcements, which came on the heels of weak increase in Germany, Europe's largest economy.

"There was no talk regarding boosting the EFSF (European Financial Stability Facility) and not talk about eurobonds, all slightly disappointing but not altogether surprising, given the political obstacles against them," said Michael Hewson of CMC Markets, "The biggest worry relics the lack of economic growth in Europe."

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