European markets gain as most global markets decline

| December 14, 2007
European markets gain as most global markets decline

European markets saw gains on Friday after Thursday’s significant declines. The Eurofirst 300 added 0.41 percent to 1,516.07. The Dax was up 0.25 percent to 7,948.36 while the Paris CAC-40 was 0.26 percent higher to 5,605.36 and the IBEX gained 0.49 percent to 15,575.7 in Madrid. In London the FTSE 100 was up 0.52 percent to 6,397 and the FTSE 250 added 0.76 to 10,413.6.

Most Asia-Pacific region equities markets were lower again after business confidence was reported down in Japan. The major exception to the declines was an advance by the Shanghai Composite, which added 1.01 percent to 5,007.91. The Sensex in India and the Straits Times index in Singapore each dropped 0.37 percent on the session, to 20,030.83 and 3,466.38 respectively. Hong Kong’s Hang Seng index was down 0.65 percent to 27,563.64 while in Taiwan the Taiex was 0.85 percent lower to 8,118.08. The Kospi fell 1.09 percent to 1,895.05.

In Australia, the Sydney Ordinaries dropped 1.58 percent to 6,556.1 while the S&P/ASX200 was down 1.61 percent to 6,491.7. Markets were lower in Tokyo after the Bank of Japan’s Tankan survey of business confidence dropped more than anticipated, to a reading of 19. The Nikkei 225 was 0.14 percent lower to 15,514.51 while the Topix index fell 0.98 percent to 1,501.25 and the Mothers market dropped 4.04 percent to 834.14.

Wall Street was lower in afternoon trade after the Labor Department issued a report showing that consumer prices were up 0.8 percent in November. The Dow Jones Industrial Average was down 0.83 percent to 13,405.21 while the Nasdaq Composite fell 0.66 percent to 2,650.99 and the S&P 500 dropped 0.82 percent to 1,476.22.

Crude oil prices were mixed, up in London but down in New York. Precious metals prices were also mixed, while grains were higher.

The US dollar and the yen saw gains while the pound declined.


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