European markets mixed on day

In Europe, markets were mixed but mostly higher on Wednesday. The pan-European FTSE Eurofirst 300 added 0.38 percent to 1,546.34, while the CAC-40 gained 0.32 percent to 5,743.32 and the Dax was up 0.83 percent to 8,076.12. Madrid’s IBEX, however, dropped 0.19 percent to 15,860. London’s equities markets were mixed as well. The FTSE 100 added 0.35 percent to 6,559.8 but the FTSE 250 was 0.05 percent lower to 10,643.

Most Asia-Pacific equities markets were lower on disappointment over Tuesday’s interest rate cut from the US Federal Reserve and after accompanying comments that US economic growth is slowing down. There were exceptions. The Kospi index was up 0.12 percent to 1,927.45 in South Korea while India’s Sensex added 0.42 percent to 20,375.87.

In Australia, however, the Sydney Ordinaries fell 0.93 percent to 6,675.4 and the S&P/ASX200 was 0.98 percent lower to 6,615.2. The Straits Times index was down 1.11 percent to 3,549.25 in Singapore. The Shanghai Composite dropped 1.54 percent to 5.095.54 and Taiwan’s Taiex index fell 1.71 percent to 8,490.84. In Hong Kong the Hang Seng index was down 2.41 percent to 28,521.06.

Tokyo’s markets were hurt not only by disappointment over the US interest rate cut but also by comments from Morgan Stanley that predicted a “mild recession” for Japan. The Nikkei 225 was 0.7 percent lower to 15,923.26 and the Topix index dropped 0.64 percent to 1,556.92, but the Mothers market of small and mid-caps managed a 1.01 percent gain to 886.66.

New York’s markets closed higher on the session after seeing the Dow Jones Industrial Average climb by nearly 300 points and then fall to over 100 points over Tuesday’s close. The Dow ended the day 0.31 percent higher to 13,473.9 while the Nasdaq Composite was up 0.71 percent to 2,671.14 and the S&P 500 gained 0.61 percent to 1,486.59.

Crude oil prices were significantly higher on the session, while metals prices were mixed. Grains saw price increases but meat and livestock futures were lower.

The dollar weakened versus the euro and the pound while the Swiss franc was lower against all major currencies and the yen gained only on the Swiss franc.

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