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Saturday 22nd of November 2008
December 10, 2007

European equities see gains on session


by Elaine Frei
European equities see gains on session

European equities markets saw gains on Monday. The FTSE Eurofirst 300 added 0.6 percent to 1,547.8. In Madrid, the IBEX gained 0.08 percent to 15,832.7. Frankfurt’s Dax was up 0.49 percent to 8,033.36 while the Paris CAC-40 was 0.56 percent higher to 5,750.92. Equities markets were mixed in London, however, with the FTSE 100 up 0.16 percent to 6,565.4 but the FTSE 250 falling 2.6 percent to 10,630.3.

Most equities markets in the Asia-Pacific region saw declines on Monday after Swiss bank UBS (SWX: USBN; NYSE: UBS; TYO: 8657) took $10 billion in writedowns, renewing concerns that losses from the US subprime mortgage crisis have not yet seen their peak. The major exception among losses in the region’s markets was the Shanghai Composite, which added 1.38 percent to 5,161.92.

Otherwise, Singapore’s Straits Times index was 0.14 percent lower to 3,553,08 while in India, Sensex fell 0.18 percent to 19,930.68. The Sydney Ordinaries dropped 0.42 percent to 6,686.1 and the S&P/ASX200 was down 0.44 percent to 6,625.1 in Australia. In Hong Kong, the Hang Seng was 1.18 percent lower to 28,501.1 while Taiwan’s Taiex fell 1.43 percent to 8,598.03 and the Kospi index dropped 1.44 percent to 1,906.42 in South Korea. Tokyo’s markets were also lower. The Nikkei 225 was down 0.2 percent to 15,924.39 while the Topix index was 0.21 percent lower to 1,558.51 and the Mothers market fell 1.21 percent to 874.48.

In New York, the markets were higher in late afternoon trade ahead of the Federal Reserve’s decision on interest rates, due Tuesday, and on data showing that pending home sales were up in October. The Dow Jones Industrial Average was 0.56 percent higher to 13,701.35 while the Nasdaq Composite had gained 0.29 percent to 2,713.89 and the S&P 500 was up 0.49 percent to 1,512.09.

Crude oil prices dropped on the session, while metals prices were mixed and grains prices climbed.

The euro and sterling were higher while the US dollar and Swiss franc saw declines.

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