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Saturday 22nd of November 2008
December 5, 2007

European markets gain as Dax sees no losers

by Elaine Frei
European markets gain as Dax sees no losers

European equities markets saw gains Wednesday. The Eurofirst 300 was 1.71 percent higher to 1,526.09. Madrid’s IBEX was up 0.6 percent to 15,802.2 while the Dax added 1.74 percent to 7,944.77 in Frankfurt and the Paris CAC-40 gained 2.02 percent to 5,659.07. There were no losers on the Dax and only one, in the telecommunications sector, on the CAC-40. There were significant gains in London, where the FTSE 100 added 2.83 percent to 6,493.8 and the FTSE 250 was up 2.36 percent to 10,511.5.

Most equities markets in the Asia-Pacific region were higher on Wednesday. The major exception came in Australia, where the Sydney Ordinaries dropped 0.31 percent to 6,568.4 and the S&P/ASX200 was down 0.35 percent to 6,508.1. Elsewhere, The Taiex was 0.3 percent higher to 8,676.95. Singapore’s Straits Times index was up 0.91 percent to 3,560 while the Kospi added 1.06 percent to 1,938.2 in South Korea. In India the Sensex gained 1.07 percent to 19,738.07. The Hang Seng was up 1.61 percent to 29,345.45 in Hong Kong and the Shanghai Composite jumped 2.58 percent to 5,042.65. Tokyo’s markets were higher on the session. The Nikkei 225 gained 0.83 percent to 15,608.88 and the Topix index was up 0.73 to 1,526.63 while the Mothers market added 0.55 percent to 916.62.

The New York markets were up in mid-afternoon trade after a private report showed 189,000 jobs created in the private sector in November, bringing optimism for the monthly Labor Department report on employment, due Friday. The Dow Jones Industrial Average was 1.38 percent higher to 13,432.12 by the middle of the afternoon, while the Nasdaq Composite had gained 1.82 percent to 2,667.42 and the S&P 500 was up 1.39 percent to 1,483.05. Additional good news came in the form of a Commerce Department report that said factory orders were up in October, but a separate report showed that growth had slowed in the service sector last month. Cable operators saw declines after a warning on the economic environment. Mortgage financers were lower after the announcement of a dividend cut and special stock sale in the sector. On the other hand, the semiconductors sector was up on a broker upgrade.

After trading higher on news that the Organization of Petroleum Exporting Countries has decided not to raise production levels for the present, crude oil ended lower in New York. Precious metals were lower in the session in New York, but base metals were mixed in London. Grains prices were mixed, as well.

The US dollar strengthened while sterling, the yen, and the Swiss franc all were weaker.

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