European markets rise after Tuesday declines

European markets were higher Wednesday after Tuesday’s losses. The FTSE Eurofirst 300 was up 0.47 percent to 1,497.28. In Frankfurt, the Dax gained 0.12 percent to 7,439.18. Madrid’s IBEX added 0.42 percent to 14,183.6, while the CAC-40 was up 0.84 percent to 5,520.02 in Paris. In London, the FTSE 100 was up 0.49 percent to 6,132.2 and the FTSE 250 added 0.91 percent to 10,891.9.

Wall Street was higher in early afternoon trade as investors hunted bargains after Tuesday’s big declines. The Dow Jones Industrial Average added 0.85 percent to 13,152.73, while the Nasdaq Composite was 1.03 percent higher to 2,526.49 and the S&P 500 gained 0.94 percent to 1,445.83.

Most Asia-Pacific equities markets, however, were lower on Wednesday on reports of declining consumer confidence in the United States and on the sharp drop in US markets on Tuesday. The major exception was the Sensex, which added 0.5 percent to 14,993.04 in India. Elsewhere, the Kospi was 0.17 percent lower to 1,826.19 in South Korea, while Taiwan’s Taiex index fell 0.97 percent to 8,643.32. In Hong Kong, the Hang Seng was 1.47 percent lower to 23,020.6, while the Straits Times index closed at 3,334.66 in Singapore. The Shanghai Composite was down 1.64 percent to 5,109.43. In Australia, the S&P/ASX200 and the Sydney Ordinaries dropped by an identical 1.23 percent to 6,100.3 and 6,101.4 respectively. In Tokyo the Nikkei 225 dropped 1.69 percent to 16,012.83 and the Topix was down 1.71 percent to 1,557.55, while the Mothers market of small and mid-caps fell 2.09 percent to 716.06.

Oil prices were higher in New York after US crude and gasoline inventories were down by more than had been anticipated last week. Precious metals prices gained on the possibility that if US interest rates are cut, the dollar could weaken. Meanwhile, agricultural commodities prices were mixed as wheat gained but corn fell in morning trade.

Emerging market currencies were higher versus the US dollar while the yen declined as European and US markets began to stabilize after Tuesday’s declines.

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